IDnow, a Munich, Germany, and Paris, France-based provider of Identity Verification-as-a-Service (“IVAAS”) solutions, raised $40m in growth equity funding.
Corsair Capital made the investment. Following closing of the transaction, Raja Hadji-Touma and Edward Wertheim, Principal at Corsair, will join the IDnow board of directors.
The company intends to use the funds to expand its product range and capture market share throughout Europe, with immediate plans to open new offices in France and the UK.
Founded in 2014 and led by Andreas Bodczek, CEO, IDnow builds AI-powered identity verification technologies that address the cybersecurity and digital verification needs of global enterprises by combining online-only infrastructure with security and identity fraud prevention.
The company uses artificial intelligence to check all security features on ID documents and can, therefore, identify forged documents.
IDnow covers a wide range of use cases both in regulated sectors in Europe and for completely new digital business models worldwide. The platform allows clients to customize the identity flow to different regional, legal and business requirements on a per-use case basis.
The company’s portfolio of over 250 customers includes international companies from various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Raisin (Weltsparen), Sixt, solarisBank, Telefonica Deutschland, UBS, Western Union, and Wirecard as well as fintechs such as Fidor, N26, smava, and wefox.