IDfy has secured of $27 mn in a recent funding round, signifying a pivotal moment for the company’s trajectory.
The investment round witnessed active participation from Elev8 Venture Partners, KB Investment, and Tenacity Ventures, underscoring a strong vote of confidence in IDfy’s mission and capabilities.
Launched in 2011 by Ashok Hariharan and Vineet Jawa, IDfy embarked on a noble mission to combat fraud and foster trust in digital interactions.
IDfy stands at the forefront as Asia’s premier Integrated Identity Platform, catering to prominent enterprises across India, Southeast Asia, and the Middle East (see about Digitalization in Insurance: New Risks & Solutions).
The company’s impact spans over 150 million lives, facilitating more than 60 million verifications monthly, demonstrating the expansive reach and efficacy of its solutions.
The infusion of capital is earmarked for propelling IDfy’s expansion endeavors, with strategic plans aimed at broadening their service offerings and bolstering product development.
This strategic initiative positions IDfy to cater to a wider array of businesses, facilitating reliable interactions and transactions across diverse demographics.
IDfy’s technological arsenal encompasses over 140 APIs, a Video Solutions platform, RiskAI, IDfy360, and a SaaS-based Background Verification tool, among others.
These innovative products are meticulously crafted to empower enterprises in thwarting fraud, ensuring regulatory compliance, and nurturing trust through cutting-edge, technology-driven solutions for KYC (Know Your Customer), KYB (Know Your Business), and beyond.
IDfy’s 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
Ashok Hariharan, Co-founder and CEO, IDfy
The company’s innovative technology, experienced leadership team, and strong market fit position it for remarkable growth.
Rohit Razdan, Managing Director, Tenacity Ventures believe that trust platforms from India will scale internationally and IDfy can compound meaningfully with these global tailwinds.
by Peter Sonner
