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Veriff secures $ 69 million Series B funding to fight online fraud and make identity verification effortless

NEW YORK, Feb. 6 / PRNewswire / - The investment led by IVP and Accel will enable Veriff to meet accelerated global demand for an AI and video-enabled approach to identity verification

Veriff (http://www.veriff.com/), the global identity verification provider, announced today that it has secured $ 69 million in Series B funding in a round led by investment firms IVP and Accel. This latest investment brings Veriff's total secured funding to $ 92.8 million. Jules Maltz (https://www.ivp.com/team/jules-maltz/) from IVP and Matt Weigand (https://accel.com/people/matt-weigand) from Accel will join the Enter Veriff's board of directors.

Veriff offers the strongest identity verification service available online. The innovative technology uses over 1000 data points to provide transparent answers and to provide companies with security and trust. While others in the field have focused on document data extraction and simple verification, Veriff's video-based approach provides the most accurate identity verification service available online, continuously expanding the reach of its service capabilities across sectors and use cases. The factual, AI-supported decision-making machine uses machine learning to analyze more than 9,000 variations of government-issued ID cards from over 190 countries in 36 different languages.

With this latest round of funding, Veriff will further expand its fast-growing US market opportunity and keep its promise to create a stronger online source of identity than currently government-issued IDs alone.

"In a world that is becoming increasingly decentralized and digital, every company needs a solution like Veriff to increase trust in the Internet," says Jules Maltz, an active partner in IVP. "Veriff sets a standard for the IDV market and we are proud to support Kaarel Kotkas and his team in building a large company with an important mission."

Noting that around $ 56 billion is lost annually to consumers through identity theft (https://www.cnbc.com/2021/03/23/consumers-lost-56-billion-dollars-to-identity-fraud-last -year.html), the market for identity verification sees considerable demand as a result of the pandemic-induced accelerated digitization worldwide. Veriff saw six-fold growth in annual recurring revenue in 2020 and identified and ended identity fraud for a number of top Fortune 500 companies around the world.

"Veriff is a global leader in identity verification," said Matt Weigand, partner at Accel. "We look forward to supporting Veriff in its efforts to help companies prevent online crime and establish an important aspect of their business: building trust with customers."

Unlike other identity verification providers, Veriff's technology was developed in Estonia, a country of just 1.3 million people and a national ID system that enables citizens to pay taxes online, vote in elections, view health records and access financial services. Veriff's video-based AI technology in combination with sophisticated data networking takes into account signs of identity fraud that can be overlooked with a simple data extraction, a still image or biometric data. Veriff provides the technology customers need to prevent fraud and stay one step ahead of cybercriminals.

"At Veriff, we create trust and transparency in the online world. Our funding round marks the highest Series B amount in the identity verification market to date. This brings us one step closer to eliminating widespread identity fraud while we're helping companies grow and become more digital at the same time, "said Kaarel Kotkas, founder and CEO of Veriff. "Considered the 'secret weapon' in the fight against fraud, Veriff solves the problem of online identity verification. Now that we have the support of the best investors in the world, we look forward to working with more companies around the world to improve transparency and Build trust on the internet. "

For more information about Veriff, please visit our website (http://www.veriff.com/).

About Veriff

Veriff is a global online identity verification company that enables businesses to build trust with their customers through intelligent, accurate, and automated online identity verification. As the largest database on the market, Veriff's intelligent decision-making engine can analyze thousands of technological and behavioral variables in seconds and match individuals against more than 9,000 government-issued IDs from over 190 countries. Veriff was founded in 2015 and looks after a global portfolio of organizations and companies in the fintech, crypto and mobility sectors. This latest investment brings Veriff's total secured funding to $ 92.8 million. Veriff's investors include Y Combinator, Mosaic Ventures, Nordic Ninja, Accel, IVP, and others. With offices in the US, UK and Estonia, Veriff has a team of more than 250 people from 34 different nations. For further information go to www. veriff.com (http://www.veriff.com/)

About IVP

Founded in 1980, IVP is one of the leading venture and growth capital firms in the United States of America. IVP specializes in growth investments, industry roll-ups, liquidity transactions for founders and selected investments in the public market. IVP investments include well-known companies such as AppDynamics, Coinbase, Compass, CrowdStrike, Datadog, Discord, Dropbox, GitHub, Glossier, Grammarly, HashiCorp, Hims & Hers, HomeAway, Hopin, Klarna, LegalZoom, Looker, Marketo, MasterClass, Mindbody , MuleSoft, Netflix, Personal Capital, Podium, Rubric, Slack, Snap, Supercell, Tanium, Twitter, UiPath, Wise, Yext, ZenDesk, ZipRecruiter and Zynga. More information is available at www.ivp.com or www.twitter.com/IVP

About Accel

Accel is a global venture capital firm that has been the premier partner for exceptional teams of private companies from the outset through all stages of growth. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, UiPath and Venmo are among the companies that Accel has in the past over Has supported it for 35 years. Accel helps ambitious entrepreneurs build iconic global companies. More information is available at www.accel.com or www.twitter.com/accel.

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Original content by: Veriff, transmitted by news aktuell