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Estonia’s identity verification startup Veriff raises €58 million

Estonia-based Veriff, a global identity verification provider, has secured $69 (€58) million in Series B financing in a round led by investment firms IVP and Accel, to accelerate the growth in the U.S. market.

This latest investment brings Veriff’s total secured funding to date to $92.8 million (€ 78M). With this latest round of funding, Veriff will continue building on its fast-growing market opportunity in the U.S. and deliver on its promise of building a stronger source of identity online than government-issued IDs alone currently provide.

Veriff’s identity verification technology is crafted in Estonia, a country with a population of only 1.3 million and a national ID system that enables its citizens to pay taxes, vote in elections, view healthcare records and access financial services online. Veriff’s video-first AI technology combined with sophisticated data crosslinking factor in the signs of identity fraud that basic data extraction, a still image or biometrics can miss. Veriff provides the technology its customers need to prevent fraud and stay one-step ahead of cybercriminals.

Veriff’s innovative technology leverages more than 1,000 data points to give transparent responses and provide security and trust for businesses. While others in the space have focused on document data extraction and lightweight verifications, Veriff offers the most accurate online identity verification (IDV) service with its video-first approach that expands the reach of its service capabilities across sectors and use cases. Its objective, AI-powered decision engine utilizes machine learning to analyze more than 9,000 variations of government-issued IDs from over 190 countries in 36 different languages.

“In a world that is becoming increasingly remote and digital-first, every company needs a solution like Veriff to facilitate internet trust,” said Jules Maltz, general partner at IVP. “Veriff is setting the standard for the IDV market and we’re proud to support Kaarel Kotkas and team as they build a large, mission-driven company.”

In 2020, the identity verification market spiked. With consumers losing roughly $56 billion annually as a result of identity theft, the identity verification market is seeing significant demand as a result of the pandemic-driven accelerated digitization across the globe. Veriff tripled the amount of customers and experienced a sixfold growth in annual recurring revenue in 2020, identifying and stopping identity fraud across the globe for a number of top Fortune 500 companies.

“Veriff is a global IDV powerhouse,” said Matt Weigand, partner at Accel. “We look forward to supporting Veriff’s efforts to help companies prevent online crime and establish a vital aspect of their business: building trust with customers.”

“Veriff is considered a “secret weapon” to fight against fraud and solve the hassle of online identity verification,” Kaarel Kotkas, founder and CEO of Veriff, said. “Now backed by top investors in the world, we look forward to partner up with more companies to solve their identity verification challenges and work towards bringing more trust online.”

As a result of the investment, new investors, Jules Maltz of IVP and Matt Weigand of Accel will also join Veriff’s board of directors.

IVP is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as Twitter, Wise and Netflix.

Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Spotify, Slack and Dropbox are among the companies Accel has backed over the past 35+ years.

Do you wish to invest in the flagship country of cybersecurity? Read more about Estonian cybersecurity here and request e-Consulting with a personal advisor.

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