Credify, a Singapore based software development company offering Universal Identity and Trust System solutions to e-commerce and financial services companies, announced on Tuesday it raised $1 million through its latest seed investment round, which was led by venture capital funds BEENEXT and DEEPCORE.
Founded in 2019, Credify provides Universal Identity and Trust System solutions to companies active in e-commerce and finance. Credify’s Universal Identity product acts as a personal data bridge, connecting consuming services like e-commerce marketplaces and lending platforms with institutions that possess valuable, yet untapped information like identity verification results and credit scores.
“Credify is developing an innovative credibility mechanism that addresses issues inherent to the trust systems we rely on in e-commerce and digital lending, like fraud and manipulation, that lead to an estimated USD 1T in transacted value being negatively impacted every year. Chosen out of 250+ companies around the world, Credify is one of the outstanding startups in Plug and Play Japan’s 2020 FinTech Accelerator program. Credify was also awarded the UK Tech Rocketship: Future of Financial Services Award 2019 by the UK’s Department of International Trade and Scottish Development International.”
Speaking about the investment round, Credify CEO, Makoto Tominaga, stated:
“This investment from BEENEXT and DEEPCORE represents far more value than the capital that will assist us as we execute on our vision to elevate trust in digital economies. Both firms bring with them strong networks within our target markets and deep understanding of the strategic and practical execution necessary to transform early stage businesses to large-scale growth enterprises. Credify could not have asked for better partners in this early stage of our journey, and we are overwhelmed with appreciation to have this opportunity to work with both teams for many years to come.”
Credify is planning to use the funds to enhance the development of its suite of products, further localize its software development operations in South East Asia, and move ahead with its live client engagements.