This news comes on the heels of its Series C round. Veriff plans to use the funds to support R&D initiatives and fuel global expansion. Here are the top-line bullets you need to know.
Veriff, an AI-based identity verification company, has raised $100M in a Series C round that drew participation from Accel, Alkeon Capital Management, Institutional Venture Partners, and Tiger Global Management.
How’s the company performing?
- Estonia-based Veriff provides identity verification as well as AML & KYC compliance solutions.
- The company’s customer base reportedly grew by 150% in 2021, and it also experienced an 8x increase in global verification volumes.
- Veriff has over 360 employees.
- The company has offices in the US, the UK, Estonia, and Spain.
Source: Veriff
Why does the market matter?
- The global digital identity solutions market is expected to reach a value of $49.5B by 2026, growing at a CAGR of 16.2%, according to Markets and Markets.
- The growing prevalence of cyber fraud and data breaches as well as mounting regulatory pressure have contributed to the market’s growth.
- The widespread digitization of banking services has increased the discussion surrounding digital identity services. In the UK, the institution of PSD2 gave way to new legal requirements related to customer authentication, which has led banks, card issuers, and other payment service providers to turn to customer authentication solutions.
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