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Identity verification platform IDfy raises $27M led by Elev8, others

IndianStartupNews

IndianStartupNews · 1y ago

Identity verification platform IDfy raises $27M led by Elev8, others

Mumbai-based identity verification platform IDfy has raised $27 million in a Series E funding round led by Elev8. The funding will support the company's global expansion and product development efforts. IDfy, founded in 2011, aims to combat fraud and establish trust in various sectors. The company offers an integrated identity verification and digital onboarding platform and plans to use the funds to expand its operations and enhance its product offerings. IDfy conducts over 60 million verifications per month, impacting over 150 million lives. It currently serves over 1,500 clients, including HDFC Bank and Zomato.

Related News

Identity verification platform IDfy raises $27 million in primary, secondary mix

Economic Times

Economic Times · 1y ago

Identity verification platform IDfy raises $27 million in primary, secondary mix

IDfy, an identity verification and digital onboarding platform, has secured $27 million in funding from Elev8 Venture Partners and other investors. The Mumbai-based company offers solutions for KYC, KYB, fraud mitigation, and digital privacy, serving clients such as HDFC Bank and Zomato. IDfy plans to use the funds to expand its operations and develop new products. This investment is seen as a validation of IDfy's vision and capabilities. In the past, the company has raised funding from TransUnion and Blume Ventures.

Elev8 Venture Partners leads $27-mn funding round in IDfy

VCCircle

VCCircle · 1y ago

Elev8 Venture Partners leads $27-mn funding round in IDfy

Elev8 Venture Partners has led a $27 million funding round in IDfy, an integrated identity platform operating in the risk management space. The funds will be used to expand in India and internationally. IDfy's AI-driven technology platform serves over 1,500 clients, running more than 60 million verifications each month. Elev8, which invests in high-growth Indian startups with global scalability, made its first investment with this funding round. Prior to this, IDfy had raised about $20 million from various investors.

Fraud Detection Startup IDfy Nets $27 Mn For Expansion

Inc42 · 1y ago

Fraud Detection Startup IDfy Nets $27 Mn For Expansion

IDfy, an online fraud detection platform, has secured $27 million in a Series E funding round led by Elev8, with participation from KB Investment and Tenacity Ventures. IDfy provides background verification services and helps businesses eliminate fraud using AI-driven predictive analytics. The platform claims to have served over 1,500 clients across various sectors and conducts over 2 million verifications per day. The funding will be used to support the company's expansion plans and product development efforts.

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

Entrackr

Entrackr · 1y ago

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

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.

IndiaMART InterMESH Acquires 10% Stake In Fraud Detection Startup IDfy For INR 90 Cr

Inc42 · 1y ago

IndiaMART InterMESH Acquires 10% Stake In Fraud Detection Startup IDfy For INR 90 Cr

IndiaMART InterMESH has announced its acquisition of IDfy, a provider of products and solutions for KYC, background verification, risk mitigation, digital onboarding, and digital privacy. IDfy, founded in 2011, had earlier raised $27 million in a funding round led by Elev8. The acquisition will allow IndiaMART to enhance its capabilities in these areas and further strengthen its market position in India's business-to-business (B2B) e-commerce industry.

Smallcase raises $50 Mn in Series D led by Elev8

Entrackr

Entrackr · 3m ago

Smallcase raises $50 Mn in Series D led by Elev8

Smallcase raises $50 Mn in Series D led by Elev8 Wealthtech startup Smallcase has raised $50 million in its Series D round led by Elev8 Venture Partners, a $200 million growth-stage fund focused on high-potential Indian startups. The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The capital will be used to expand Smallcase’s investment product offerings across asset classes and strengthen its relationships with retail investors and ecosystem partners, Smallcase said in a press release. The new round is coming after a gap of more than 3.5 years. Smallcase has raised around $120 million to date, including $40 million in a Series C round led by Faering Capital in August 2021. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, followed by Faering Capital and Blume Ventures. Launched in 2016, Smallcase offers a model portfolio platform that has served over 10 million investors. It also provides technology solutions to more than 250 financial institutions, including research firms, advisors, wealth managers, and brokerages. The platform recently expanded its offerings through a joint venture with Zerodha to launch an asset management company focused on index funds and ETFs. Smallcase's revenue from operations surged to Rs 67.4 crore in FY24 from Rs 30.6 crore in FY23. A drop in advertising and employee benefits enabled the company to reduce its losses by 74.4% to Rs 34 crore in the last fiscal year. According to TheKredible, Indian wealthtech startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, InvestorAi, and Wealthy have garnered nearly $250 million in funding across 15 deals in the past 18 months. Elev8 Venture Partners, backed by South Korea’s KB Investment, focuses on B2B SaaS, enterprise tech, consumer tech, and fintech. This is its third investment after supporting identity verification platform IDfy and astrotech platform Astrotalk.

Identity Verification Startup Equal Raises $10 Mn

Inc42 · 8m ago

Identity Verification Startup Equal Raises $10 Mn

Identity verification platform Equal has raised $10 million in its Series A funding round. The round was co-led by Prosus Ventures, Tomales Bay Capital, and founder Keshav Reddy, and had participation from various other investors including Blume Ventures, DST Global, and Binny Bansal. The startup plans to use the funds to scale its operations, form strategic partnerships, and develop an integrated digital framework to enhance India's data-sharing ecosystem. Founded in 2022, Equal helps businesses streamline KYC processes and prevent fraud through its identity verification aggregation service. The company is now valued at $80 million post-funding.

Sorenson Capital, PayPal Ventures back Bureau in Series B round

VCCircle

VCCircle · 7m ago

Sorenson Capital, PayPal Ventures back Bureau in Series B round

Identity verification and fraud protection platform, Bureau, has raised $30 million in a Series B funding round led by Sorenson Capital. PayPal Ventures also participated in the round as a new investor, while existing investors Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures also contributed. Bureau plans to use the funding to expand its product portfolio, team, and geographical reach. The startup offers a no-code identity decisioning platform that helps prevent fraud and ensures compliance for businesses across various industries.

Equal has a plan to fight India's growing cyber fraud problem | TechCrunch

TechCrunch · 8m ago

Equal has a plan to fight India's growing cyber fraud problem | TechCrunch

Indian startup Equal is addressing the rising risk of online fraud in the country with its suite of identity verification and financial data-sharing products. The two-year-old company helps businesses streamline know-your-customer requirements, fraud prevention, and regulatory compliance by integrating numerous identity databases and API providers. Equal recently acquired a stake in account aggregator OneMoney to combine its identity verification services with the latter's data sharing capabilities. It has raised $10m in a series A funding round, led by Prosus Ventures, to scale operations, expand its product offering and form strategic partnerships.

Entrust is buying AI-based ID verification startup Onfido, sources say for more than $400M

Startup News FYI

Startup News FYI · 1y ago

Entrust is buying AI-based ID verification startup Onfido, sources say for more than $400M

Identity verification startup Onfido is being acquired by Entrust, a privately-held company providing various certification and verification services. The London-based startup, known for its AI-based tools, is being bought for a figure "well above" $400 million. Once regulatory approvals are complete, Onfido's tools will be integrated into Entrust's technology stack, allowing the company to have a leadership position in the identity verification space. The acquisition comes at a time when data breaches and regulations around data protection are increasing, making identity verification and certification technologies crucial.

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