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ID verification platform IDfy announced that it has raised a combined $27 million in primary and secondary funding from Elev8 Venture Partners, KB Investment, and Tenacity Ventures.
The startup raised $11.5 million in a Series D round led by Blume Ventures and TransUnion in October 2021.
With the funding, IDfy aims to strengthen its position as Asia’s leading unified identity platform and further expand across the continent.
“The investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud,” said Ashok Hariharan, co-founder and CEO of IDfy. This funding will fuel our expansion plans and product development, allowing us to serve more businesses and bring opportunities to people and businesses we trust. Masu.”
Founded in 2011 by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy provides products and solutions for KYC, KYB, employee background checks, risk and fraud mitigation, digital onboarding, and digital privacy. A unified identity platform.
The startup serves over 1500 clients across various verticals such as BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates, and performs over 60 million verifications every month. It is claimed that
Its customers include HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, HUL and American Express.
Navin Honagdi, Managing Partner at Elev8 Venture Partners, said: “The company’s innovative technology, experienced leadership team and strong market fit position the company for impressive growth. We are confident that it will play an important role in shaping the future of risk management in India.” onwards. “
“We have known Ashok and IDfy for years and are impressed with how they have built great products and great brands. We are excited to see the Indian Trust platform expand internationally. We believe that IDfy can meaningfully compound these global tailwinds,” added Rohit Razdan. , Managing Director of Tenacity Ventures.
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