Reputable companies often require consumers to verify their identities online by uploading specific documents. The security and verification of these documents are the major concerns of IDnow, a big fish in the European Identity verification sector. IDnow received a £35.9 million (~€41.6 million) growth equity investment from Corsair Capital LLC, a private equity firm.
Since its inception, the funding raised by IDnow totals £47.7 million. According to a tweet from their official twitter handle, the company is set to accelerate its investment into tech & team.
IDnow: How It All Began
In 2013, IDnow was founded by Felix Haas, a German entrepreneur, who’s also known for co-founding Amiando. The Munich-based entrepreneur is often touted as an “active business angel investor.” He has a thing for computer and tech fairs. The idea of a worldwide content platform, which centers on entertainment and computer games, struck him at a computer fair held in Munich. That idea became TiberiumSun Entertainment.
IDnow offers standard AI-supported identity verification solutions that secure and verify documents in a manner that’s convenient for users. The solutions provided by IDnow are online-only and cloud-based. These identity verification tools require no additional hardware. According to IDnow.io, IDnow’s identity verification tech can verify the identities of over 7 billion customers from 193 different countries in real-time.
IDnow targets Business clients that want to verify their customers’ data online, for instance, banks, FinTechs or telecommunications companies. IDnow has 250 customers globally, including Commerzbank, UBS, Sixt, Western Union, Telefónica and N26.
Both parties, IDnow and Corsair, were delighted to strike an investment deal. According to Raja Hadji-Touma, Partner at Corsair Capital, “We are delighted to invest in IDnow and look forward to partnering with its management team to drive its next phase of growth. Our investment is the result of a thematic focus on businesses that address new requirements arising from the digitalization of many financial transactions and processes, such as security. IDnow is well-positioned to provide innovative and effective solutions addressing pressing digital security and fraud prevention needs across the European market and beyond.”
What’s next for IDnow?Â
IDnow has tasked its “highly accomplished senior management team” to expand its influence internationally. With 35.9 million Euros, the Munich-based startup plans to expand its operations to France and the United Kingdom.Â
Takeaway points
- IDnow received a £35.9 million growth equity investment from Corsair Capital LLC, a private equity firm.
- IDnow was founded in 2014 by a German entrepreneur named Felix Haas.
- IDnow has 250 customers globally, including; Commerzbank, UBS, Sixt, Western Union, Telefónica and N26.