Estonian cybersecurity and identity-focused startup, Veriff, raises $100 mn

Veriff raises a $100 million investment round for its cybersecurity and fraud detection services based in artificial intelligence.

The Estonian startup focuses its services on the identity verification sector of fraud detection. The startup also tailors its services based on industry divided into financial services, cryptocurrency and mobility, according to Veriff’s website.

“Organizations and consumers needed to verify identities online more than ever before in 2021 — from onboarding remote employees, to creating a safe space for gaming in the metaverse, and conducting business fully online — which makes the establishment of digital trust and transparency incredibly critical,” Co-founder at Veriff, Kaarel Kotkas said, as reported by TechCrunch.

The startup was founded in 2015 by Kotkas and Janer Gorohhov and its identity verification technology employ video tools in order to identify identities. Investors in the round include Tiger Global, Alkeon, IVP and Accel.

“A reliable IDV solution for today’s digital businesses and consumers has been exacerbated over the past two years as all operations moved online to conduct business,” a partner at Tiger Global said, TechCrunch reported. “Veriff has created an industry-leading product to ensure trust and safety online. Based on our research and customer calls, Veriff’s product performance leaves others far behind and should be used more widely by companies out there.”

Veriff’s services includes tools such as identity document verification, face-match biometric analysis, proof of address capture, assisted image capture, behavioral and network analytics, PEP, Sanctions and Watchlist for AML.

The company has partnerships for its services with companies including Uphold, Kueski and Joompay, among others.

“We factor in user behavior,” Kotkas said to TechCrunch. “Instead of basing an IDV decision on three pictures alone, we are analyzing over 1,000 other data points. So this gives us an automation advantage and very accurate decisions on ID.”

(Picture courtesy: Veriff)

1,740 comments

Add your comment

Your email address will not be published.