US-based Persona, an identity infrastructure company that personalizes identity verification experience “for any use case,” raised US$ 50M in a Series B round of funding on 4 May 2021.
Investors: The funding round was led by Index Ventures with participation from existing investor Coatue. Index Ventures’ Partner Mark Goldberg will become a member of Persona’s board of directors.
Purpose of the funding: The funds raised will be utilized by the company to grow its team twofold by the end of the year to support its growth and continue expanding the business.
About Persona
Founded in 2018 by Charles Yeh and Rick Song, Persona offers identity infrastructure, enabling businesses to craft personalized and automated identity verification solutions for any use case. It provides building blocks to help businesses tailor the way they collect, verify and make decisions about customers’ identities.
The startup serves businesses that need to verify its customers online, including retail, fintech, marketplace, delivery services, real estate and hospitality, HR, edtech, legal services, home and childcare services and others. Headquartered in San Francisco, Persona’s services are available in 190+ countries and in 20 different languages.
Persona focuses on allowing its customers to tailor the end-to-end identity verification process. Businesses get a wide range of verification to select from, access thousands of data sources and build a personalized experience for both their business needs and their customers. Some of Persona’s notable clients include Square, Udemy, Gusto, BlockFi, Robinhood, Sonder, Brex and AngelList. The startup claims to have experienced aggressive growth, and rising revenue by more than 10 times year over year.
What the CEO has to say: “With more transactions moving online, there are more unique business use cases for identity verification than ever before. The one-size-fits-all approach to identity is falling out of practice for good reason. The strategy your business needs for identity verification and management is going to be completely different if you’re a travel company verifying guests versus a delivery service onboarding new couriers versus a crypto company granting access to user funds. Even businesses within the same industry should tailor the identity verification experience to each customer if they want to stand out.” — Rick Song, co-founder and CEO of Persona.
What the investors have to say: “We’re at a unique tipping point where consumers are demanding personalized, effortless experiences while businesses need more layers of security. Existing all-in-one solutions lack the flexibility to adapt to the number and variety of use cases that are cropping up for businesses in various industries. By focusing on providing tailored experiences for both end-users and operators, Persona has reimagined identity verification to meet the needs of both. We believe Rick and his team have solved the core issues with identity verification and are critical to making the internet a safer place.” — Mark Goldberg, Partner at Index Ventures.
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