Munich-based IDnow builds AI-powered identity verification technologies to address the cybersecurity and digital verification needs of global enterprises by combining seamless, online-only infrastructure with a strong level of security and identity fraud prevention.
The startup has just announced that it has raised €36 million in growth equity funding from Corsair Capital.
Since it was founded in 2014, IDnow has grown and integrated its portfolio of identity products into a single platform, and its solution can be used across many different sectors and jurisdictions.
“We are thrilled to have Corsair as a long-term partner and look forward to benefitting from the firm’s deep sector experience and strong global network,” said Andreas Bodczek, CEO. “IDnow is well-positioned to capture greater market share in Europe and beyond, as we continue to lead the way in the growing digital identity verification space.”
The company currently works with over 250 customers, including international companies such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Raisin, Sixt, solarisBank, Telefonica Deutschland, UBS, Western Union, and Wirecard, as well as fintechs such as Fidor, N26, smava, and wefox.
“We are delighted to invest in IDnow and look forward to partnering with its management team to drive its next phase of growth,” said Raja Hadji-Touma, partner at Corsair Capital. “Our investment is the result of a thematic focus on businesses that address new requirements arising from the digitalisation 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.”
IDnow uses AI to check all security features on ID documents, and is therefore reliably able to identify forged documents. On its platform, the identities of more than seven billion customers from 193 different countries can be verified in real-time, with technology that is made simple for customer use.
Insurance Edge Comment;
This tech could have huge benefits for insurers actively pursuing the PAYG, pay-by-mile, fleet driving, freelance delivery or the urban commuting/ride-sharing trend. All of those lifestyle changes and jobs are transforming car insurance, along with the leasing of cars, rather than purchasing. Knowing excactly who has logged in behind the wheel is going to become increasingly important in the future.