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ID verification platform IDfy raises $27 Mn in primary and secondary

EntrackrEntrackr · 1y ago
ID verification platform IDfy raises $27 Mn in primary and secondary
Medial

Identity verification startup IDfy has raised $27 million in a mix of primary and secondary fundraise from Elev8, KB Investment, and Tenacity Ventures. In October 2021, the Mumbai-based startup had raised $11.5 million in its Series D round led by TransUnion and Blume Ventures. With this fresh fundraise, IDfy further strengthens its position as Asia’s leading integrated identity platform and is poised for further expansion across the continent, the company said in a press release. Founded by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala, IDfy builds technology products and solutions that accurately authenticate entities. This helps businesses prevent fraud and engage with verified entities with the least amount of friction. Its AI-based platform is used by organizations to streamline and automate their KYC, employee and merchant onboarding. IDfy claims to serve over 1,500 clients across diverse sectors like BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates. Its clients and partners are spread across India, South East Asia, and the Middle East. The list includes the likes of Amazon, Airbnb, HDFC Bank, Dream11, and VISA. The firm also said that it has impacted over 150 million lives and runs over 60 million verifications every month. IDfy registered Rs 108 crore in revenue from operations in FY23 against Rs 56 crore in FY22, according to startup data intelligence platform TheKredible. The company also turned profitable in FY23 with Rs 4 crore profit compared to Rs 18 crore loss in FY22. IDfy competes with SpringVerify, AuthBridge, Digio and Perfios-owned Karza.

Fraud prevention platform Bureau raises $30 Mn in Series B round

EntrackrEntrackr · 7m ago
Fraud prevention platform Bureau raises $30 Mn in Series B round
Medial

Risk intelligence platform Bureau has raised $30 million in Series B funding, led by Sorenson Capital. The round also witnessed participation from PayPal Ventures, along with existing investors including Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures. The company had previously raised $20.7 million from its existing investors. The proceeds will be utilized to enhance its product portfolio, bolster talent acquisition, scale its go-to-market team, and expand its geographical reach to empower global financial ecosystems, Bureau said in a press release. Founded in 2020 by Ranjan R Reddy, Bureau is an AI-powered platform that delivers real-time, contextual fraud prevention across the entire customer lifecycle, going far beyond traditional rule-based systems. Its proprietary identity knowledge graph, with over half a billion identities and behavioral data, provides actionable risk intelligence and insights, serving global enterprises across banking, fintech, gaming, e-commerce, and consumer internet platforms. According to the Bengaluru-based company, its comprehensive solution suite includes advanced capabilities in money mule detection, account takeover, fraud ring detection, onboarding compliance, and decisioning workflows. Market research indicates that global fraud losses have surged past $5 trillion annually, a 56% increase in the past decade. The fraud prevention industry is projected to grow from $44 billion to $255 billion by 2032. Bureau enables organizations to navigate complex compliance requirements while providing a seamless experience for legitimate customers. It prevents fraud while safeguarding customer retention, revenue, and growth. It competes with IDfy, SpringVerify, AuthBridge, Digio and Perfios-owned Karza.

Indian fintech regulatory companies welcome RBI move on KYC fraud

ThehindubusinesslineThehindubusinessline · 1y ago
Indian fintech regulatory companies welcome RBI move on KYC fraud
Medial

Tech start-ups in India that provide regulatory services to financial institutions, such as IDfy, EMudhra, and Signzy, have welcomed the Reserve Bank of India's cautionary measures against frauds in know your customer (KYC) updation. As digital India and small businesses increasingly rely on fintech platforms, there is a growing need for fraud detection and prevention services. The RBI's warning comes in light of the rising instances of bank fraud in the country. Fintech companies are encouraged to adopt a risk-based approach to strike a balance between regulatory compliance and customer convenience. Customers are advised to avoid sharing sensitive information with unofficial channels and report any cyber fraud to their banks.

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