Veriff raises $100 million to advance product expansion and accelerate global growth
Veriff announced it has raised $100M in Series C financing, co-led by Tiger Global and Alkeon, joined by existing investors IVP and Accel.
This round brings Veriff’s total funding to $200M and its valuation to $1.5B, as it aims to expand its global customer base and deliver trusted online identity verifications.
In 2021, Veriff rapidly increased verification volumes across the globe by more than 8X, and by 20X in the U.S. After two years of growing digital transactions online due to the pandemic, Veriff increased verification volume in the financial services sector by 10X in 2021, making Veriff the primary identity verification provider for 95 percent of its financial services customers. Marquee customers have helped fuel the 150% increase in customer growth in 2021, including the verification of users’ age to instill trust and safety in the growing digital metaverse environment.
The new financing will be used to accelerate Veriff’s global growth and invest in R&D, especially to advance product expansion. The company will also grow its sales and marketing teams to onboard more global clients and build on recent customer success programs. In addition, Veriff will expand its global workforce, 360 strong today and made up of 46 different nationalities and counting. Uniquely, Veriff’s AI automation enables it to scale volume rapidly without incrementally needing to grow its small team of verification specialists.
Through its AI-powered, video-first approach, Veriff is able to make online IDV more accurate than physical face-to-face authentication and prevent more fraud than any other industry player. Secure global IDV enables businesses to unlock the full potential of the virtual world.
“Organizations and consumers needed to verify identities online more than ever before in 2021 – from onboarding remote employees, to creating a safe space for gaming in the metaverse, and conducting business fully online – which makes the establishment of digital trust and transparency incredibly critical,” said Kaarel Kotkas, CEO and founder of Veriff. “The gigantic boom in digital services has increased the demand for IDV for any business online, and every person on this planet can be a user of Veriff. I’m proud of the Veriff team for leading the way after a massive year of growth and for securing Series C financing with our new investors Tiger and Alkeon.”
“A reliable IDV solution for today’s digital businesses and consumers has been exacerbated over the past two years as all operations moved online to conduct business,” said John Curtius, Partner at Tiger Global. “Veriff has created an industry-leading product to ensure trust and safety online. Based on our research and customer calls, Veriff’s product performance leaves others far behind and should be used more widely by companies out there. We’re excited to support Veriff’s success and join their mission of making trust reliable and scalable online.”