IDfy, a Mumbai-based identity verification and digital onboarding platform, has raised $27 million (about Rs 224 crore), in a mix of primary and secondary funding, from Elev8 Venture Partners along with its limited partners and affiliates. The platform offers solutions for KYC, KYB, employee background verifications, risk and fraud mitigation, digital onboarding and digital privacy. The funds will fuel expansion and product development, enabling the company to serve even more businesses and unlock opportunities for trustworthy people and businesse.
What is IDfy and how does it work?
IDfy was founded in 2011 by Ashok Hariharan and Vineet Jawa with the mission of eliminating fraud and establishing trust. The platform uses generative AI to create realistic and secure identity documents that can be verified across multiple channels and devices. IDfy claims to run more than 60 million verifications every month for clients such as HDFC Bank, Axis Bank, Zomato, PhonePe, Paytm, HUL and American Express.
Why did IDfy raise $27 million?
IDfy raised $27 million in a mix of primary and secondary funding from Elev8 Venture Partners along with its limited partners and affiliates. Elev8 Venture Partners is a maiden growth stage fund of South Korea’s KB Investment, which also participated in the round along with Tenacity Ventures. The funds will help IDfy expand globally, strengthen its product development, and scale its identity verification market opportunity.
What are the benefits of IDfy’s products and solutions?
IDfy’s products and solutions offer several benefits for businesses and individuals alike:
- They enable faster, easier, and more secure identity verification across multiple channels and devices
- They reduce the cost, risk, and complexity of identity verification processes
- They enhance the trustworthiness, transparency, and privacy of online interactions
- They support various use cases such as KYC, KYB, employee background verifications, risk and fraud mitigation, digital onboarding and digital privacy
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