IDfy Raises $27 Million to Enhance Identity Verification Platform
- ByStartupStory | March 6, 2024
IDfy, a platform specializing in integrated identity verification and digital onboarding, has secured $27 million in a funding round led by Elev8, KB Investment, and Tenacity Ventures, including both primary and secondary investments, as reported by Moneycontrol.
“Our mission is to eliminate fraud and establish trust. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses,” co-founder Ashok Hariharan stated.
Established in 2011 by Hariharan and Vineet Jawa, IDfy offers a range of solutions encompassing KYC, KYB, employee background verifications, risk and fraud mitigation, digital onboarding, and digital privacy.
“We look into hundreds of data points starting from bank statements, public court records, assets verification among others to do a complete check. Fraud is an evolving space, and you need dedicated platforms to navigate this for companies,” Hariharan elaborated.
IDfy has previously raised Rs 86 crore in its series D round led by TransUnion and Blume Ventures.
The company, operated by Baldor Technologies Pvt Ltd, serves over 1,500 clients across various sectors in India, Southeast Asia, and the Middle East, including notable names such as HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, HUL, and American Express.
“The proliferation of identity fraud using deepfake technology and forged documents has emerged as a big menace across the board,” the report highlighted.
To combat this challenge, platforms like IDfy deploy advanced technology and multi-layered strategies to ensure robust identity verification and authentication processes.
“We are among the first to have a DPDP compliance platforms in our system,” Hariharan added.
The Indian identity verification market is projected to register a CAGR of 16.42 percent during the forecast period, 2023-2030, according to a report by GII research.
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