Passbase Raises $13.5M in Series A and Seed-2 Funding

Passbase, a New York and Berlin, Germany-based identity verification infrastructure company, raised $13.5M in Series A and Seed-2 funding.

The round was led by Costanoa Ventures with participation from Lakestar, Eniac Ventures, and Cowboy Ventures.

The company intends to use the funds to scale its team and operations and the product suite to simplify policy management for cryptocurrency, fintech and other businesses.

Led by Dave McGibbon, CEO, Passbase provides identity verification infrastructure for companies to solve their KYC needs in a compliant, privacy-oriented and user-centric way. Its developer-friendly and customizable tools allow companies to incorporate ID verification, AML compliance, and age verification into their products.

In the last year, the company has grown revenue 8x by allowing companies to solve their digital identity verification challenges in a compliant, privacy-oriented, and user-centric way. The verification flow and back office compliance tooling solves organizations’ regulatory needs for AML, KYC, and age restrictions, while enabling teams to manage automated and branded verification flows across the globe. Their developer-first product, which can be integrated easily, covers over 6,000 IDs across 190 countries and 15 languages.