Identity verification startup IDfy raises $27 mn
Bengaluru: Identity verification startup IDfy has raised $27 million in a combination of primary and secondary fundraising from Elev8 Venture Partners, KB Investment, and Tenacity Ventures.
The funds will support the company’s expansion plans and product development, the company said in a statement on Wednesday.
“Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud and establish trust,” said Ashok Hariharan, co-founder and chief executive, IDfy.
Founded in 2011 by Hariharan and Vineet Jawa, IDfy has emerged as a prominent player in the risk management arena, aiming for growth both within India and internationally.
IDfy positions itself as a comprehensive identity platform, offering services in KYC, KYB, background checks, risk mitigation, digital onboarding, and privacy solutions. The company boasts a prestigious client roster that includes HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, Hindustan Unilever Ltd, and American Express, managing over 60 million verifications monthly.
In a statement, Elev8 said it was drawn to IDfy’s strong leadership team, its product-centric approach, and its alignment with India’s digitization story. “The COVID-19 pandemic accelerated the adoption of cloud-based services, driving a surge in digitization and a shift in consumer behavior. This, coupled with the supportive regulatory environment fostered by the India Digital Stack initiative, creates a fertile ground for IDfy’s continued growth.”
“We have known Ashok and IDfy for a number of years and are impressed how they have built great products and a great brand. We believe that trust platforms from India will scale internationally and IDfy can compound meaningfully with these global tailwinds. We look forward to a fruitful partnership with the management team to build IDfy in its next phase of growth,” added Rohit Razdan, managing Director, tenacity Ventures.
IDfy competes with companies like SpringVerify and AuthBridge.
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Published: 06 Mar 2024, 03:01 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.