IDnow gains $40m funding injection from Corsair Capital
Identity verification firm IDnow has announced a $40 million growth equity investment from Corsair Capital.
Founded in 2014, IDnow builds AI-powered identity verification solutions for the cybersecurity needs of corporates and financial institutions.
Corsair’s investment will support IDnow as it expands its product range and capture greater market share throughout Europe, with immediate plans to open new offices in France and the UK.
The round is IDnow’s fifth since its founding. It has previously secured funding from YoungBrains and Seventure Partners.
“We are thrilled to have Corsair as a long-term partner and look forward to benefitting from the firm’s deep sector experience and strong global network,” says Andreas Bodczek.
“IDnow is well-positioned to capture greater market share in Europe and beyond, as we continue to lead the way in the growing digital identity verification space.”
Raja Hadji-Touma, partner at Corsair Capital, adds: “Our investment is the result of a thematic focus on businesses that address new requirements arising from the digitalisation of many financial transactions and processes, such as security.
“IDnow is well positioned to provide innovative and effective solutions addressing pressing digital security and fraud prevention needs across the European market and beyond.”
Following closing of the transaction, Hadji-Touma and Edward Wertheim, principal at Corsair, will join the IDnow board of directors.