100M SERIES GLOBAL FOUNDERS TIGER STRIPES VERIFICATION
It also claims that last year it grew verification volumes by more than 8x, and by 20x in the U.S., with its financial services operation growing by 10x, while customer growth had grown by 150%. Veriff claims its video approach makes online IDV “more accurate” than physical face-to-face authentication and prevents fraud more often. To date, the biggest startups in the space include OnFido and Jumio, but so far these rely on still photographs rather than video. The Estonia-based startup’s “special sauce” is using AI-powered video to verify identifies.
The new financing will be used for growing the workforce, R&D, sales and marketing. The new funding means the company is now valued at $1.5 billion. They were joined by existing investors IVP and Accel, bringing Veriff’s total funding to date to $200 million. © Copyright of Globes Publisher Itonut (1983) Ltd.Identity verification (IDV) provider Veriff, has raised a $100 million Series C round co-led by Tiger Global and Alkeon. Published by Globes, Israel business news - en.il - on October 1, 2019 "We're thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments." "As financial services become increasingly digitized and global, Rapyd's fintech-as-a-service approach has tremendous growth potential," said Tricia Kemp, co-founder and managing partner at Oak HC/FT.
As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are required for international expansion." The expectation today is that this must happen around the world in order to drive growth into new markets. Shtilman said, "Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure. Rapyd says that it is paving the way for the growing global wave of Fintech and commerce modernization being undertaken by e-commerce merchants, gig economy platforms, financial institutions, and technology providers looking to enable highly localized customer experiences. The funding will also be used to develop its Rapyd Global Payment Network that helps businesses expand in local and cross-border markets by reaching more than four billion consumers with a broad range of local payment methods beyond credit cards. Rapyd will use the funds to develop its unified cloud-based technology platform to help businesses quickly integrate fintech and payment capabilities into commerce applications.
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