The European Investment Bank (EIB) is set to provide €15 million of growth funding to Germany-based identity verification platform, IDnow. Founded in 2014, IDnow covers a wide range of use cases both in regulated sectors in Europe and for completely new digital business models worldwide. The platform allows the identity flow to be adapted to different regional, legal, and business requirements on a per-use case basis.
“IDnow uses Artificial Intelligence to check all security features on ID documents and can therefore reliably identify forged documents. Potentially, the identities of more than 7 billion customers from 193 different countries can be verified in real-time. In addition to safety, the focus is also on an uncomplicated application for the customer. Achieving five out of five stars on the Trustpilot customer rating portal, IDnow technology is particularly user-friendly.”
Speaking about the investment, EIB Vice-President, Ambroise Fayolle, who is responsible for EFSI and the bank´s operations in Germany, stated:
“IDnow, a first-time borrower for the Bank, depends on significant R&D and marketing investments related to commercialisation. The transaction is an excellent example of how the EU bank, with the support of the Investment Plan for Europe, can facilitate the development of innovaton, in particular in sensitive policy areas such as anti-money laundering, counter terrorist financing and cybersecurity, which are of utmost importance for the European Union and its economy.”
CFO of IDnow, Joe Lichtenbergerm, added:
“IDnow has experienced overwhelming demand for its verification-as-a-service across multiple industries and countries, with COVID-19 significantly increasing the need for digital services. The flexible financing structure from the EIB will allow us to accelerate our investment in developing the platform to capitalise on these opportunities. The EIB is an ideal partner to support us in becoming Europe’s leading provider in identity verification.”
IDnow is supported by venture capital investors Corsair Capital, BayBG, Seventure Partners, and G+D Ventures, as well as a consortium of renowned business angels. Its portfolio of over 250 customers includes international companies from various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Sixt, solarisbank, Telefónica Deutschland, UBS and Western Union, as well as fintechs such as Fidor, N26, smava, and wefox.