LibraryblogVeriff Closes 15.5 Million USD Financing Round

Veriff Closes 15.5 Million USD Financing Round

Veriff closed a financing round of 15.5 M USD to ramp up global growth and sales to enterprise customers prior to a larger B-series financing round planned in the future. Money was raised from both new and existing investors.

Veriff co-founders.
Karita Sall
July 1, 2020
Blog Post

Despite the global crisis caused by COVID-19, the company has witnessed increased customer engagement and taken advantage of accelerated digitalization around the world. Last year, our verification volumes grew by 35 times, and we’ve kept up with the growth trajectory this year. However, we are also targeting profitability.  

Veriff, a leader in the field of online identity verification, has significantly increased its sales volumes through continuous advancements in its technology, including fraud prevention and biometric authentication solutions. By focusing on enhancing the KYC process, Veriff has managed to sign agreements with major global customers located in the tech hub of Silicon Valley. These strategic moves have not only showcased Veriff's commitment to security and reliability but have also played a crucial role in earning the trust of investors.

The incorporation of advanced fraud prevention mechanisms and robust biometric authentication methods has positioned Veriff as a trusted partner in the industry. As a result of these comprehensive and forward-thinking strategies, the company is expecting solid results for the year 2020, signaling a strong trajectory in its growth and market presence.

Investors include Y Combinator and Mosaic Ventures from the earlier A-series investment round, but also new investors, like NordicNinja VC  and Change Ventures.

According to Rainer Sternfeld, Managing Partner of NordicNinja VC, a Japanese-Nordic venture fund and a new investor in Veriff, said the identity verification company has shown sound performance. “Veriff has been able to significantly grow their business, successfully enter the market in the UK as well as in the U.S., and signed agreements with some Silicon Valley’s biggest players. We at NordicNinja are excited to see what the future has in store for Veriff, especially as it’s an essential service with a potential to reach every person on the planet.” 

The global pandemic has brought along significant paradigm shifts. This has created an increased demand for online identity verification, and Veriff is taking this responsibility seriously. During the pandemic, we were in close contact with our international customers, and witnessed how global tech giants as well as more traditional businesses pivoted their strategies in response to the crisis.

Current investment brings Veriff’s total financing to 23,8 million USD and enables the company to accelerate its global growth even further.