Digital ID verification platform Veriff raises $100m Series C at $1.5bn valuation
ID verification (IDV) platform Veriff has raised $100 million in a Series C funding round, valuing the company at $1.5 billion.
The round was co-led by Tiger Global and Alkeon and saw participation from existing investors IVP and Accel.
The Series C brings the company’s total funding to date to $200 million.
“The gigantic boom in digital services has increased the demand for IDV for any business online,” says Veriff CEO and founder Kaarel Kotkas.
The company saw its identity verification volume grow by 800% last year and increased its global customer count by 150%.
Founded in 2015, Veriff’s AI-powered automated online video-first identity verification platform claims to be more accurate than physical face-to-face authentication.
Kotkas says verifying identities online is more important than ever, “from onboarding remote employees, to creating a safe space for gaming in the metaverse and conducting business fully online”.
Veriff says the cash injection will be used to invest in research and development, particularly in the development of new products.
The company also intends to expand its already 360-strong global workforce, with a particular focus on hiring more sales and marketing staff to boost its global client list.