Identity verification is becoming increasingly crucial in today’s digital age, and startups like IDfy are revolutionizing this space. Recently, IDfy, an identity verification platform based in Mumbai, announced a significant milestone—raising $27 million in a mix of primary and secondary funding from Elev8, KB Investment, and Tenacity Ventures.
This latest funding round follows IDfy’s successful Series D round in October 2021, which raised $11.5 million, led by TransUnion and Blume Ventures. With this infusion of capital, IDfy aims to solidify its position as Asia’s leading integrated identity platform further and expand its operations across the continent.
Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy has built cutting-edge technology products and solutions designed to authenticate entities accurately. By leveraging artificial intelligence, IDfy enables businesses to combat fraud effectively while ensuring seamless interactions with verified entities.
One of IDfy’s flagship offerings is its AI-based platform, which streamlines and automates Know Your Customer (KYC) processes, employee onboarding, and merchant verification. This technology has been instrumental in empowering over 1,500 clients spanning various sectors, including BFSI, FMCG, e-commerce, gaming, and conglomerates.
Among IDfy’s notable clients are industry giants such as Amazon, Airbnb, HDFC Bank, Dream11, and VISA, demonstrating its widespread adoption and credibility in the market. IDfy’s impact extends beyond borders, with a presence in regions like India, Southeast Asia, and the Middle East.
The company boasts an impressive track record, having touched the lives of over 150 million individuals and conducting over 60 million verifications every month. This scale of operation underscores IDfy’s commitment to excellence and its role as a trusted partner for businesses seeking robust identity verification solutions.
IDfy faces rivals such as SpringVerify, AuthBridge, Digio, and Perfios-owned Karza in a competitive landscape. However, with its innovative technology, extensive client base, and strategic funding, IDfy is well-positioned to maintain its leadership position and drive further innovation in identity verification.
As digital transactions continue to surge globally, the importance of reliable identity verification solutions cannot be overstated. With its recent funding boost, IDfy is poised to meet this growing demand and set new standards for secure and seamless identity authentication in the digital realm.
