Rebellion is an incredibly exciting Spanish fintech, and they’ve been offering banking services to the digital generation since 2017. They partnered up with Veriff in 2019 to assist with identity verification, and they’ve continued growing since.

We spoke to their team about their history so far, their long-term goals, how they found Veriff, and how they’ve found the experience so far.

So, here’s a short history of Rebellion, in their own words:

“We at Rebellion are aimed at simplifying banking to the maximum, offering our users a prepaid Mastercard® and a mobile account. No need for changing banks, no maintenance costs, no fees. Thanks to Veriff's technology and with an easy in-app registration process in just 5 minutes, our users get access to their account to top-up money and buy in a totally secure way.

Last July, we’d already taken a step forward to improve users’ purchase control by becoming the first player in Spain to offer Google Maps "Location Intelligence", which allows our users to take full advantage of the platform's location technologies. Thanks to this functionality, they’re able to reduce the uncertainty of transactions by knowing all the data about the shop or service, location, date and time and giving them a unique visual experience of their operations.

Our startup, which has already reached 180,000 customers, has experienced significant growth in 2020 thanks to the commitment of our team – a multidisciplinary group of 38 people of 8 nationalities. We’ll also soon be offering the possibility of direct debiting, a feature which has been in great demand among our users and which will help us to become the main account for many of them.”

What solution were Rebellion using for IDV before Veriff? And if you're happy to specify, what was the reason you looked to change providers?

We previously used another provider for IDV at Rebellion. However, we decided to look for an alternative which could provide us with human verification for those dubious checks that can’t be processed automatically.

An IDV provider is a key part of the business as it is at the beginning of the whole onboarding process and we needed to implement technology with a very high response capacity.

In the face of any problem, we were looking for a solution that could respond instantly.

Veriff's decision engine takes only 9 seconds on average to make a verification decision, with 95% of customers passing verification first time

How did you discover Veriff, and what were the conditions we needed to meet for you to partner with us?

We were considering several solutions in the market that came to us online, from different events, and network connections. It was clear that we needed cutting-edge technology with competitive commercials. A European partner who would reduce any potential future data protection law issues.

After dealing with different IDV providers, we decided to choose Veriff based on their ambitions, dimension, and the team behind them. Definitely, the human touch both in the sales team and the managers was a major driver for us.

And here’s what AJ, Veriff’s account manager for Rebellion said about the partnership:

“The biggest contributor to the results we’ve had is the nature of partnership we have fostered. Our cooperation with Rebellion has been a prime example where we work as a team and we’ve really reduced the separation between our teams as we have aligned and share our overall goals. The way we make data-driven decisions and approach solutions and new ideas has fostered a working environment where both of the organizations work as one team.”

Did you test anyone else as part of the process, and how did it go? (You don't need to specify company names here)

The tests we did were made by other financial companies which already were using identity verification platforms. After reviewing their solutions, we made a list of those which met our expectations. In general terms, the processes were good enough in all of them, but being able to count on a provider which could support us with human verifications was a decisive requirement.

Veriff’s document checks are now 92% automated, but we always have experts on-hand to assist with challenging cases

And what benefits have you seen since partnering with Veriff? Any specific statistics that you're happy to share are welcome.

Our most relevant KPI in terms of onboarding alludes to the conversion rate from lead to verified user through the KYC process. Since we integrated with Veriff, we have doubled that conversion rate from 30% to 60%. We also have reduced the number of accounts blocked due to fraudulent use by 66%.

More Verified Documents - Veriff’s Assisted Image Capture Explained

Veriff’s Assisted Image Capture plays a crucial role in increasing conversion, with Veriff partners seeing increases of up to 30%

Rebellion is continuing to grow during a challenging time for all of us globally, and Veriff is proud to be partnered with them to make sure they keep welcoming honest customers and nothing is slowing them down. 

Rebellion is an exciting Spanish fintech, offering banking services to the digital generation. They've been partnered with Veriff for IDV since 2019, and we asked all about their experiences of our partnership so far.

Rebellion partnered with Veriff in 2019 for IDV, so we chatted to them all about how things have been going since then.

Like No Bank You’ve Seen Before - Rebellion redefines banking from Spain with help from Veriff

Veriff partnered with Uphold in December last year and have enjoyed an exciting partnership so far, with Uphold welcoming huge numbers of customers in the early days as they ran enticing promotions to help grow their excellent cryptocurrency platform.

We recently spoke with Chris Adjei-Ampofo, Uphold’s Chief Information Officer, about the relationship between the two companies, how Uphold tackles the challenges that fraud prevents, and how Veriff have performed so far.

As the Chief Information Officer, how involved are you with Veriff, and were you involved in the decision to partner with us? 

Previously before becoming a CIO, I was also Chief Information Security Officer, responsible for the Security team. Now, in my new role, I have Information Security reporting to me, along with Fraud. My involvement with regards to Veriff is that I’m also Head of Procurement, and I’m the the main point of contact between Uphold and Veriff. I was responsible for the contracting, negotiations, involved in the proof of value that we did and assisted the migration into production. I now have regular meetings with Veriff and if there are any daily concerns or issues, they come to me. 

We’re a cryptocurrency exchange, predominantly, but we’re also trying to diversify. It’s not just a way to trade crypto, you can actually buy other assets on our platform as well - you could buy precious metals, fractional equity, shares in Tesla, Coca-Cola, and Microsoft using portions of your crypto assets to fund the purchase of those assets. We’ve also launched our own debit card, so you can add or use your crypto as a method of day-to-day living, meaning you can go and buy a coffee, do your daily shopping, or order online, all with crypocurrency. 

How big is your team, how many employees do you have?

How many deal with identity verification or compliance?

We have our compliance team and our fraud team - in compliance we have 10 full-time people and in fraud, it’s about 3. But we use an external outsourced agency to help us with daily monitoring of fraud and compliance. 

And how many customers do you currently have?

How were you handling identity verification prior to Veriff? 

We were using a competitor of Veriff. We had serious problems with the quality of the verifications and quality of their solution. Before choosing Veriff, and as a part of proof of value, we did an A/B test - half of our customers were going through this competitor and half through Veriff. Afterwards when we ran an analysis to compare how many false-positives we were getting between the two solutions and Veriff was so much better than the competitor. We then switched to Veriff and we discontinued the service with the competitor. 

Has the quality of verifications improved with Veriff and if so, how?

It’s improved a lot. It weeds out a lot of the fraud, but obviously it can be improved. It’s a lot better than where we were. 

What is the problem Veriff is actually solving for you, why do you need to use online verification?

For onboarding - we want to know who our customers are. It’s a compliance requirement, as well as preventing fraud. We’re a global company, so as the company is growing, we’re attracting a lot of attention, and we need an online ID solution that would protect us and our customers. 

But other than using Veriff, what else are you doing to solve this fraud issue?

We have other tools in place that allow us to detect fraudulent activity, based on the individual profile, the behaviour, the location they’re coming from - and that allows us to build a profile, before they go to Veriff. We have checks at the front door, and once these clear out any potential bad actors, then we put them through IDV. 

What do you think has been the biggest value of Veriff so far? 

The KYC and compliance, where we’re removing a lot of the bad actors and stolen IDs. Also one of the things we recently implemented, velocity abuse, where when someone has stolen loads of IDs and they’re trying to sign up, Veriff helps us detect where they’re coming from and recognizes the repeat use of a device. The benefits of the combination of these tools allows us to reduce the fraud rate and meet our compliance regulations as well. 

What would be the main expectation for Veriff's product? 

The accuracy of the information that people provide. The live video detection that we have is a key component of the solution that we use. One of the main things that we’ve been experiencing is social engineering, where genuine people who are not so literate with computers have been defrauded. They have a fraudster at the other end of the phone, telling them to sign up with Uphold, and they’ve never heard of Uphold, but they’ve been enticed to sign up. When those individuals realize that they’ve been defrauded, they’ll claim a chargeback with their financial institutions and we take the hit. But what Veriff has allowed us to do, is the ability to engage with defrauded customers and actually show them we have video evidence of them going through the IDV process. This has proven to be a very powerful tool to help us combat friendly fraud. We have a number of ongoing legal cases in the US where we have been able to provide the evidence that Veriff has given us as a part of the proceedings. This has been a key contributor to the success of these proceedings. 

What about the main expectations on the service and the business operations side?

We’ve been always looking for a strategic partner, a partner who would grow together with us and who would understand the challenges we’re facing. A partner who is in regular contact with us and offering new solutions on how we could combat this fraud and Veriff has been great in doing that. That’s something that has been really key in the relationship. You are very forthcoming when new updates or features are being released - you want to get us onboard. 

You’ve also customized Veriff’s flow, but have there been any other requests to the product that we didn’t have before?

One of the challenges that we had is that we needed to - as a part of our business onboarding process - identify business owners themselves. When a business owner has got a /--/ ownership, we need to send them a link for them to verify themselves. And we didn’t want them to go through the selfie process, just upload a document for it to be verified, so Veriff built us a custom flow to allow us to do that. This helped a lot with the business onboarding. 

Have there been any measurable improvements since starting out with Veriff? For example conversion or maybe faster onboarding?

Definitely, our verification success rate in the January after joining Veriff was at 78%, and that’s now grown to 87% in September (last month). In terms of growth of our verification volumes, the quarter-to-quarter growth has also increased - by 71% from Q1 to Q2, and a further 33% from Q2 to Q3. In total, 81% growth from the beginning of the year to now in terms of quarterly numbers.

We also constantly keep an eye on the false positives and their ratios, as this a crucial metric, but not something we can publicise.

Since hiring Veriff, have you reduced any workload in your in-house teams as well? In support or compliance for example? 

The workload has decreased because we don’t have a lot of manual checks that we’re doing at the moment. But again, that’s still a work in progress because there are things that we could do to improve it. We’re probably speaking with Veriff about the margin of error. We’re looking to see how we can improve that as well. 

What do you actually think, what’s behind your quite big success this year?

It’s a combination of stuff. We completely rebuilt our UI and the whole user experience, the platform, the mobile app. It’s a lot easier to use. The assets that we are offering, and also some of the new products that we are offering - the debit card, fractional equities. And I guess it’s also the right time for crypto, crypto has been doing well and we have benefitted from that. 

Now you’ve diversified your business and improved the user experience, what are the key metrics you’re looking at?

We look at the number of users, but we can have a lot of people registering, then not actually converting. We look at the people who are transacting, and we’re looking at people who are depositing. Those are the metrics that we look at - the conversion ratio from just signing up to actually transacting. Also, the size of the transactions, they are also quite a key element. 

What is the main target market you’re after now? 

Europe. We’re quite big in the US and North America, Venezuela as well. But we need to start targeting Europe. And we’re also looking at Africa, that’s an area that we’re not so good in yet. 

What are your long-term business goals? How could you grow together with Veriff? 

Our long-term vision is that we want to be a bank. You can see this in the assets that we’re already providing and our move to be a part of your day-to-day life where you can use Uphold as part of your day-to-day transactions. We want to move away from people buying crypto and leaving it to go up or down or whatever. It should be a part of your daily life - that’s what we’re trying to do. 

What kind of advice would you give to a business in your industry who is looking for an IDV solution?

Don’t just go for the technology itself. Look for a partner that is going to work closely together with you and grow with you. And a partner who is quite flexible and reactive to solve the challenges that you face. You know, where they can help you improve and assist in your fight against fraud. It’s very easy to buy the state-of-the-art technology, but without the support and relation behind, it just becomes a big monster and you’re only going to be using 10-15% of the ability of that product, if you don’t know how to optimize it. That’s where the key of the partnership comes into play. 

Seems like you’ve given this advice before!

Yeah, I put on my procurement hat. It’s very easy for people to invest in technology and not really look at the whole partnership. 

One last question, and I’m very honestly asking your opinion - don’t sugarcoat it. How would you describe the partnership with Veriff to a colleague or a friend?

Oh I always refer to Veriff as, and I’m being completely open, my favourite vendor. Because we have a good relationship with Veriff. Internally we appreciate the relationship we have and we have a relationship where we can be completely open. If we’re unhappy with something, we’ll tell you - from the price to the service, and how you can make it better. And that’s great. And it’s great that Veriff takes that feedback and sees how you can improve it. A lot of other vendors would say “Nah, take it or leave it”, but that hasn’t been the case with Veriff. We both appreciate the mutual benefits. 

Have a chat with Veriff's team to learn how using our verification flow could help you prevent fraud and increase conversion and sign-ups!

Interested in becoming Veriff's next partner?

We spoke with Chris Adjei-Ampofo, Uphold’s CIO, about the relationship between the two companies, how Uphold tackles the challenges that fraud presents, and how Veriff have performed so far.

Uphold Will Soon Be "Part Of Your Daily Life" With Help From Veriff

Back in 2018, we excitedly shared the news of the Vienna-based software company for mobility, goUrban, signing up as a partner of Veriff. And two years on, the partnership is still going strong, with both companies continuing to expand in our respective industries.

First, a bit of background: goUrban is a company which provides a software platform and data analytics to car, moped, ebike, and scooter sharing operators. These run their services worldwide with thousands of users riding daily. For many of these, a first prerequisite to rent a vehicle is driving license verification.

And Veriff has been able to use this data to learn and observe negative trends within mobility, and how we can help to combat them. 

We recently shared examples of the fraud that the mobility industry at large has to combat, and you can see this graph below:

Both velocity abuse and suspicious behaviour can throw a spanner in the works of a smooth verification - slowing things down and creating unnecessary work for customer support staff. Luckily, Veriff prides itself on tackling both with the minimum of fuss, leading to a smoother experience for honest users and a lesser workload for our clients’ CS teams.

You shouldn’t take it from us though, here’s what goUrban said about their first two years with Veriff:

“Two years after the first case study, goUrban has used Veriff extensively. Precisely, goUrban has a wide array of customers which are car sharing and moped sharing operators - users of which need their driving license verified. Said users have a very broad geographical origin (e.g. tourists arriving at the operator's location), and appreciate a seamless/almost real time registration & experience. We are very satisfied with the service.”

And what about the specific positives in the experience?

“Veriff has played an active role in enabling the business, also thanks to the real time component.”

Our high level of automation, and consistent drive to improve the speed and accuracy of verifications, linked to our dashboard Veriff Station provides our partners with consistent verification data. This means they’re able to track verifications as they happen, and keep a close eye on declined verifications and the reasons for them.

“Veriff's API enables goUrban to integrate verification information directly in our solutions for our operators to see, making sure that operators don't need to shift between platforms”

Nobody likes spending unnecessary time switching windows in the middle of a task. This is why Veriff’s verification integrates seamlessly within our partners’ existing sign-up flow, and also why all necessary verification information is accessible from one place - Veriff Station.

“Extensive settings that goUrban has configured Veriff to our specific needs”

We pride ourselves on being client-focused, and our configurability is a key element of that. Using extensive client input and feedback we ensure that the verification process works for them, maintaining speed, accuracy and compliance.

“Veriff has provided a team of experts (legal, UX) that make sure that goUrban is compliant, but also improve the conversion rate of goUrban's operators”

We’ve championed this extensively - customers of Veriff have seen an improvement in their conversion when using our verification flow with Assisted Image Capture (AIC) enabled. AIC helps to ensure there are fewer resubmissions, and walks users through the verification process to help them capture perfect images on the first try.

“Driving license verification thanks to Veriff brought goUrban little-to-no support workload.” 

Driving licenses are the second most-used ID in Europe when it comes to verification, but for goUrban they are front and centre. With our extensive document coverage (over 8,000 documents at the time of writing), we’re ready to verify the majority of driving licenses from around the world, and certainly all of those we encounter from goUrban users.

“The system has often handled thousands of verifications per day and dealt well with very rapid variations in volumes”

A high level of automation allied with a specialist team allows Veriff to manage fluctuating verification volumes while maintaining high response times and continual accuracy. As a growing company in a rapidly evolving industry we are always prepared for sudden peaks in workload. 

“Veriff is seen as a key partner now in COVID times, as the mobility sector is shifting towards vehicles which are use-case flexible: mopeds and cars (which require driving license verification) are attractive as they can both suit the B2C sharing or the delivery purpose.”

goUrban’s impressive adaptability as a business has allowed them to maintain consistent growth despite the global pandemic, with the vehicles of their operators put to different uses in a period when large numbers of the population are unable to leave home. This has also inspired new requirements for identity verification, as people work remotely with sensitive data, and knowing who’s accessing what becomes more and more critical.

Like our successful partnership with goUrban, we want to help you keep moving forward. If you want to learn more about our product, or try it our for yourself, then chat to our sales team today.

Want to be Veriff's next great mobility partner?

Don't let verification be a bump in the road for your customers

We check in with goUrban, after two years as partners of Veriff, to see how they’ve been progressing since 2018 and get their view on Veriff so far.

goUrban are making their mark on mobility with the help of Veriff

Polybius, the creator of OSOM, was founded in June 2017 to reinvent the way people manage their finances. With the proliferation of fintech services and the emergence of virtual assets, managing assets is increasingly difficult. According to Mathieu Hardy, Chief Product Officer for OSOM, a cross-platform asset manager is the fintech solution people need.

“What we see in the last 10 years is the fintech revolution, is that fintechs just take one slice out of the traditional banking business model and radically improve the value prop for that narrow offering. What we want to do, rather, is to reinvent the way people manage finances in this new era of financial services.” 

The fintech revolution has resulted in hundreds of new products and services, meaning more options and more time spent managing all your assets. OSOM is a solution that would aggregate all exchanges, wallets, and accounts a user has for both virtual and non-virtual assets in just one app.

“With OSOM the idea is to give you one simple place that you manage and optimize all types of virtual assets and, in the future, non-virtual ones as well.”

The role of identity verification for fintech solutions like OSOM

Regulatory compliance laws for fintech solutions like OSOM are demanding. Mathieu and his team are required by law to meet the obligations of the 5th AML directive (AMLD5) as well as Know Your Customer (KYC) protocols. Identity verification and fraud prevention services are therefore integral to their success.

“A big part of avoiding money laundering and countering terrorism financing is knowing who your customers are. We also want to focus on Europe, and are looking for EU compliance solutions that are remote and where people do not need to come to an office.”

Anti-money laundering laws, particularly those under the AMLD5, are designed to increase transparency and broaden the criteria for assessing high-risk third countries. Another positive outcome of complying with these laws is more accurate data about your customers.  

“It is interesting to know who your customers are so you’re better equipped to serve them. Identity verification flow allows us to have certainty and better information as to who’s who, often much better than if we had the self-declarative form.”

Beyond compliance and learning more about their users, there are other reasons why OSOM uses Veriff for identity verification.

The Veriff features that help OSOM’s team focus on growth

When searching for identity verification services, OSOM’s requirements were high in terms of quality and the degree of cooperation they needed from a provider. They needed a partner to help with compliance in an entirely new venture. That was hard to find but Veriff rose up to the challenge and was able to give them the support they needed. 

“It’s a good collaborative relationship which we weren’t necessarily able to find elsewhere. That plays a big role in our choice, especially when launching like we are with high levels of uncertainty. If launching something new, this is incredibly important.”

It was this cooperative approach that led the team at OSOM  to entrust Veriff with part of their their identity verification and fraud prevention processes. This, among other key product features, helps them meet legal demands for fintech solutions intended to operate on a global scale across both web and native apps.

1. Fraud prevention layers and full legal support

When getting started, Mathieu and his team worked closely with Veriff and regulators to draft a partnership that worked for everyone. Adapting to client-specific needs is an important first step for our team, and something OSOM’s team appreciated. 

“The identity verification step is probably where you see the biggest drop-off rate, so try to find something that meets your legal requirements but is also relatively painless for your customers. Find a supplier that is willing to listen, adapt, and give you help along the way while you set it up.” 

Legal requirements and conversion rates often don’t compliment each other. To counter the inevitable drop-off, Veriff partners with clients to help them optimize every step of the process.

2. Device, network, and browser analytics

Compared to verifying users in a physical branch or on the phone, online identity verification is both more secure and less costly. However, as Mathieu explains, battling misconceptions about online identity verification can be tricky, particularly with regulatory bodies.

“We have seen that identity verification is a huge job and it’s much better done by someone who is specialized in it. This is because regulators in Estonia and Belgium see remote identification as riskier than on-site identification. We had to make a case  that remote identification is a better way to comply with requirements, which is what we believe”

According to Mathieu, the combination of device, network, and browser analytics makes Veriff a much more reliable method than relying on branch visits or mere teleconference calls. While an ID may look valid to the human eye, there is always a chance for human error.

“The ID presented may look valid but clues like incognito mode, VPN, or repeated tries can give more insights into whether the user is behaving suspiciously. When it comes to fraud, it is much better caught by a computer than it would be even by remote ID verification by agents via call.”

Video recordings also add an extra layer of security, compared to in-person verification which leaves close to no data behind as soon as the individual leaves the branch.

While OSOM’s team focuses on European fintech services, making the OSOM platform accessible on a global scale is important. Veriff continuously adds new localizations to give clients the reach they need, and the result is not only wider reach but less strain on support teams.

Since adding Cyrillic-based languages to our verification flows, OSOM’s team saw a drop of 1,500 fewer support tickets in just a couple of weeks. As they continue to scale and grow, our team is open to adding more languages or features that would help them with their vision for OSOM.

“Veriff’s as a solution, technologically, is quite solid. We also found a very responsive team to address any of the challenges we face both pre-sale and after-sale as opposed to other services we were in contact with.”

Through Veriff, OSOM can identify if new users are politically exposed and have a higher risk of corruption. This helps them prevent fraud and add an extra layer of security without bringing in extra tools and services.

“We need access to PEP & sanctions lists because we did not create a system to help people evade taxes or finance terrorism. We are very happy to abide by these rules, and Veriff helps us do this relatively seamlessly.”

Launching a new product demands a lot of time and effort. OSOM and the team of 22 enthusiastic people behind it continue to gather feedback and make improvements while the app is in closed beta. Currently, there are thousands of active users, most of whom participated in the 2017 crowdfunding. 

Using Veriff to power the identity verification flow helps OSOM’s team focus on their core strategy while ensuring that a team of experts help with a robust compliance and fraud prevention process. Mathieu advises fintech companies and startups looking to launch new projects and products to do the same. 

“If you don’t want to do all of the heavy lifting for verification yourself, find someone who can help. If you want to do it all yourself, don’t. It makes sense to go with someone who knows all the quirks and the added smart fraud prevention that Veriff has is important to us. We’ve seen what a big job it is, and it’s best to leave it to people who know the ins and outs, while we focus on the part that is business-specific”

With a virtual asset and exchange license in Estonia and an application for a Payment Institution License in progress from the National Bank of Belgium, OSOM is well on its way to helping people manage all their assets in your pocket and on your desktop. Learn more about how OSOM works here, or visit Polybius' website for more information.

OSOM, a cross-platform asset manager, aggregate all exchanges, wallets, and accounts a user has for both virtual and non-virtual assets in just one app. Here's why OSOM's team chose Veriff to help with KYC and fraud prevention.

How Veriff Helps OSOM Cut Customer Emails and Stay Compliant

Blockchain, a leading provider of cryptocurrency products and creator of the world’s most popular crypto wallet, chooses Veriff for online identity verification services. With Veriff’s technology, Blockchain accelerated the onboarding of millions of verified users and enhanced its fraud prevention controls since the start of 2019.

“Blockchain has always been committed to providing crypto users the tools they need to Be Their Own Bank,” says Xen Baynham-Herd, General Manager of the Blockchain Wallet. “As you create more sophisticated products to empower this mission, identity verification becomes vital to serving users with the best experience. Veriff’s technology is world-class, and they’ve been an even better partner.”

According to Veriff founder and CEO Kaarel Kotkas, it is an honor to join forces with a global leader like Blockchain and tackle online fraud together.

“It is a great compliment to Veriff’s team for Blockchain to choose us as a partner for identity verification services, especially as their highly professional team has been working with different verification service providers. Mere compliance verifications do not provide the same level service as Veriff,” says Kotkas. “Identity verification on a global scale is no easy feat, but through this partnership, we’ll continue to set and advance the standards for transparency and fraud protection in cryptocurrencies.”

Blockchain is connecting the world to the future of finance. Blockchain is one of the most trusted and fastest growing digital assets companies, helping millions across the globe – from individuals to the largest institutions – get easy and safe access to cryptocurrencies. Blockchain has raised over $70 million in funding from leading investors including Lightseed Venture Partners and Google Ventures. Board members include former Barclays CEO Antony Jenkins, Lightspeed Ventures Partner Jeremy Liew, and former Skype COO Michael Jackson. 

Blockchain has tiers of identity verification required to unlock products and services, like its recently launched cryptocurrency exchange The PIT and Airdrop Program, which gave Stellar Lumens (XLM) to millions of people.

Blockchain uses Veriff to power its identity verification tiers to unlock products and services, including its recently launched cryptocurrency exchange "The PIT" and Airdrop Program, which gave Stellar Lumens (XLM) to millions of people.

Blockchain Chooses Veriff to Accelerate Identity Verification 

Launched in 2015, Mintos is one of the world's largest investment marketplaces for loans. It has more than 150,000 investors from 72 countries. Together, they invested €2.7 billion through the platform (read more about Mintos).

Before using Veriff, Mintos relied on manual uploads of document photos to onboard users. As KYC regulations tightened, the company sought to verify users’ actual identities, not just the validity of the documents they showed. 

It soon emerged that identity verification alone wouldn’t deliver sufficient protection. The partner search was expanded: it needed to deliver credible fraud prevention. 

Veriff provides multiple layers of fraud prevention. It combines face, document, device, and network diagnostics with video-based behavior analysis. All sessions are cross-linked, delivering quick, credible verdicts.

Among that unique combination of fraud-prevention features, one stood out for Mintos: background video. During the verification process, Veriff records users with their device camera, making it more difficult to provide fraudulent document data or fake live verification. Recording occurs with the user’s explicit permission.

“We needed a partner that would move fast on multiple fronts. Verification needs to be quick. Fixes need to be quick. And our partner needs to really care. Veriff delivers on all.”

Preventing fraud vs. turning off customers  

Initially, the number of vetted new users dropped. While signing up users had become much safer for Mintos, removing the risk of stolen identities and funds, tighter controls hurt conversion rates.

It quickly became clear that Mintos users were simply unfamiliar with online identity verification and needed encouragement. Mintos and Veriff began a joint effort to tackle this. 

They polished the onboarding flow and tested various methods to return conversion rates to normal. Mintos asked users for feedback and both companies dove deep into behavioral data.

A better process with guidance and content

Articles and guidelines were added to help users through verification. This bred the necessary confidence. At each step a customer takes with Veriff, Mintos explains the need for it, emphasizing trust and security, and explains the terms. 

With tool tips, easily-accessible support and an optional reminder to start verification later, users are gently guided from start to finish. This creates a pleasant journey of simplicity, reliability, and care. 

“Signing up was quick and transparent. As a result, I trust Mintos and they trust me. There are a lot of shady characters on the internet, so it’s good to be in a fraud-free zone.”

Veriff reduced the number of fields Mintos users fill manually. However, users’ unfamiliarity with camera-enabled identity verification initially cut the conversion rate to 57 percent. 

After both technical and user-oriented improvements, the numbers rebounded. Mintos' conversion rate remains steady above 90 percent, and the majority of Mintos investors get verified at first attempt. 

“My hat’s off to Mintos for aiming far above KYC compliance to bring more trust within their global marketplace for loans. Their honesty, collaborative spirit and high expectations also set an example for how partnerships work.”

Investing in loans used to be a banker’s privilege. No private investors -- ordinary citizens, really -- were allowed in the walled garden. Mintos changes that, opening this asset class to private investors of all sizes. 

The initial loan to the borrower is processed and granted by an outside company. That’s when the barrier-breaking innovation comes in. The loan is listed on the Mintos marketplace, allowing investors to select loans to invest in. They buy loan shares, diversify their portfolio based on their strategy and risk profile, and earn competitive returns in the form of monthly payments and interest.

It takes two minutes to verify an identity, and only five minutes to become an investor.

Prospective users reach Veriff’s verification process when they sign up to become a Mintos investor. When creating their account, they go through the usual Veriff flow of taking photos of themselves and their ID. Verification itself takes about two minutes and the accept/decline decision is then delivered in less than five minutes. After successful verification, the investor’s Mintos account is set up and they can start investing.

“Whenever money changes hands online, extra care is always warranted. But proving trust is tricky. On Mintos, it was quick, easy, and every step made sense.” 

Veriff makes it easy to connect with honest customers, which is why our clients choose us for online identity verification. Here are some of their stories:

Veriff and Trafi Ignite a Pan-Baltic Startup Collaboration

P2P Marketplace Estateguru Uses Veriff to Back Aggressive Expansion

Vienna-Based Remote Scooter Sharing Platform goUrban Goes Veriff

Mintos is a P2P lending startup that provides retail investors with an easy and transparent way to invest in loans from lending companies around the world.

Global P2P Loan Marketplace Mintos Chooses Veriff

Jelbi covers Berlin’s entire public transportation system, scooters, bikes, ride-hailing and car sharing, as well as traditional taxis. Veriff comes in when a person wants to use a Jelbi service that requires identity verification and drivers’ license validation. Veriff’s technology ensures that the person is who they claim to be and has a valid driver’s licence.

BVG selected Veriff as a verification partner. The company’s multi-layered security solution is safer than the face-to-face identification. According to Veriff founder Kaarel Kotkas, it’s great to see a shift in the industry’s mindset where businesses are looking for more secure solutions that also accommodate the clients’ needs.  

“Veriff enables Jelbi to give a convenient service to people without compromising on security. BVG makes Berlin a pioneering example of the Smart City by merging different mobility providers into a single application. People have easy access to many transportation means within the city. It’s an honor for Veriff to support this innovation with our product.”

BVG’s Jelbi app includes mobility-service providers such as the Berlin-based car-sharing startup MILES Mobility, the e-scooter sharing app Emmy, and the bike-sharing platform Nextbike. The goal is to add another 20+ mobility services to the app.

‍Berlin’s public transport company, the Berliner Verkehrsbetriebe (BVG), is the engine that moves Berlin, and has been doing so for 90 years. With its dense network of lines, state-of-the-art vehicles and efficient service, BVG is Germany’s largest municipal transport authority. The BVG transport network is made up of ten underground railway lines (U-Bahn), 22 tram lines and more than 150 bus lines, as well as 6 ferries, and provides mobility around the clock, 365 days a year. The employees of the BVG corporation operate a fleet of around 3,000 vehicles, serving more than 3.5 million inhabitants across a catchment area that covers some 1,000 square kilometers. More than a billion passengers use the buses and railways operated by the BVG every year.

BVG from Berlin is the first Smart City mobility project that Veriff is working with. We believe that is going to be one of many cities providing its travelers with convenient mobility solutions. We are proud to be trendsetters and a part of the new era!

Berlin’s public transport company BVG chose Veriff to verify people’s identities in Jelbi, its freshly-launched mobility app. Jelbi is a one-stop transport shop for commuters and travelers in Berlin.

BVG Chooses Veriff to Verify Mobility App Users

When Trafi's tech gurus called from our Baltic neighbor Lithuania, we jumped on the opportunity. 

“There’s a special power in two startups growing together and helping people with great technology. Veriff’s mission is to make real people’s life easier, and the same applies to Trafi. It was a natural match from day one.” said Triin Uustalu, Veriff’s Marketing Manager.

As a kick-ass mobility platform, Trafi helps the world’s leading mobility providers bring all types of different transportation services to the masses. Trafi cuts the time spent on urban traffic to an absolute minimum by providing users with a list of different routes and opportunities to travel in the city both online and offline.

The problem with rental cars, scooters, bicycles, or any type of ride-sharing is the identity verification requirement to use them. Here's when Veriff comes into play.

“For us in Trafi, identity security and personal data protection are of the utmost importance. Hence, we looked for a trustworthy ID verification provider. Veriff got our attention due to their agile approach, honest openness to feedback, and their great technological solution for identity verification,” said Justas Petronis, Trafi's Product Manager.

After a quick but thorough onboarding process, Trafi added Veriff to their service. The result is multiple layers of security that make it easier, not harder, for their users to get from point A to point B. “Now you have no need to go to a car rental service in person. Instead, 4 you can rent a car right off the street, digitally,” said Petronis.

But this partnership was about more than putting two great companies and products together. Petronis has a vision of a brighter future for the Baltic tech scene, and it involves increased collaboration between tech innovators in the region.

“We all are after strategic partnerships in larger markets, and leave tech innovators living next door alone in the field. At Trafi we believe that cooperating with an Estonian startup would actually be a great push forward towards such Baltic partnerships, and we expect many others to follow suit. 

Veriff and Trafi have the power and charisma to possibly initiate a Baltic tech company community. We could align Baltic tech companies towards the same goal - to empower people with modern technology. This would help to sort out many issues that startups struggle with when left alone."

Bringing the best of identity verification to the mobility sector

Great partnerships are just as much about giving as they are about taking. While Trafi benefited from insights into their identity verification process Veriff learned the ins and outs of the booming mobility industry.  

“Thanks to working with Veriff, we have a better understanding of what identity fraud prevention processes look like. In return, it is amazing to see how Veriff has learned more about the future of urban transportation and why identity security is such a crucial topic for mobility going forward," said Petronis.

The opportunities to connect mobility companies with honest customers is huge, and something that, according to Uustalu, Veriff aims to target in the future. 

“MaaS (Mobility as a Service) is a fast-growing new sector where Veriff sees a vital need for identification services. Collaboration with Trafi opened up a new sector for us, giving important insights of fraud cases specific to the mobility sector and learning from these cases about how to stop fraudsters.” 

While our verification tools and know-how continue to spread across Europe, few events make us happier than collaborating with ambitious companies near home.

While our verification tools and know-how continue to spread across Europe, few events make us happier than collaborating with ambitious companies near home; the digital wonderland of Estonia. 

To use the company’s scooters, goUrban's customers need a valid driver’s license, a credit or debit card, and the goUrban app on iOS or Android.

And, of course, a team or service to verify that all these documents.

In addition to scooter sharing, goUrban licenses its software, telematics, and app as a white label solution to other sharing operators. This also includes fleet managers for carpool vehicles, and goUrban also specializes in the development of artificial intelligence to increase fleet utilization.

How Veriff helps goUrban reach their verification targets

By 2020, goUrban aims for over 20,000 verifications. In order to do this, they realized that they would need the help of industry-leading identity verification service to get them there.

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goUrban are making their mark on mobility with the help of Veriff

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Blockchain Chooses Veriff to Accelerate Identity Verification

Global P2P Loan Marketplace Mintos Chooses Veriff

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Veriff and Trafi Ignite a Pan-Baltic Startup Collaboration

Remote Scooter Sharing Platform goUrban Goes Veriff

Estateguru Uses Veriff to Back Aggressive Expansion

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Stay up to date on Veriff news, product updates, and more

Case studies
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