IDfy, an India-based people data organisation aiding businesses to tackle fraudulent activities by background verification, has secured US$ 11.5 million in a Series D funding round co-led by Blume Ventures and TransUnion CIBIL on 21 October 2021.
Investors: The latest investment round featured Blume Ventures and TransUnion CIBIL as the lead investors. The startup has managed to raise, in total, US$ 16.7 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards increasing its global reach and operations and scaling its products and services.
About IDfy
Brought to existence in 2011 by Ashok Hariharan and Vineet Jawa, IDfy envisages aiding corporations in fostering trust and reliability so that enterprises and people can interact confidently. The company’s proprietary systems have been structured using the new identity authentication techniques, machine learning-enabled anomaly detection and machine vision. These systems effectively capture unprecedented frauds besides the ones that went unnoticed in the past, enabling our clients, their users, and working staff to stay secure and risk-free. The firm performs over 70 million verifications for more than 500 organisations, including HDFC Bank, Amazon, Airbnb, Visa and Dream11. The company is also expanding its operations overseas by establishing collaborations with firms in the Middle East and Southeast Asia to deliver merchant onboarding offerings.
What the Founder has to say: “Estimates suggest that in the coming five years, over a billion people globally will enter the formal economy. Our collaboration with TransUnion CIBIL offers an opportunity to propel this shift across different geographies. Blume Ventures has shown good faith in our business model since our early days. It is delightful to obtain their persistent financial support in the new growth stage of our organisation.”- Ashok Hariharan, Founder and CEO of IDfy.
What the Investors have to say: “The shift in the preferences of businesses and consumers to carry out transactions digitally has led to a surge in demand for reliable systems. Our financial assistance to IDfy will allow us to introduce top-notch onboarding tech for our clients. It will further increase the pace of the digitalisation process and help in establishing trust, while also bolstering financial inclusion and economic resurgence in the country.”- Rajesh Kumar, Managing Director and CEO at TransUnion CIBIL.
For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
Next Article
