IDnow, a European identity proofing and digital identity provider, has arranged a new debt facility from funds and accounts managed by BlackRock that “provides up to €60 million in financing.”
The debt facility will “enable IDnow to leverage its existing market-leading identity platform.”
The company intends to use the capital “to scale investments across a range of strategic initiatives including the introduction of new identity proofing solutions, continued geographic expansion, and potential acquisitions.”
IDnow was “founded in 2014 in Munich and offers a comprehensive suite of identity proofing solutions addressing a wide range of mission-critical use cases from low to high assurance levels.”
IDnow serves over 900 sector-leading enterprise customers “across multiple verticals with coverage of 195 countries.” The company claims it is “a demonstrated technology leader, with advanced AI-driven capabilities and a vertical orchestration platform maximising conversion and accuracy.”
Andreas Bodczek, CEO of IDnow states:
“We are proud to have been able to raise financing to support IDnow’s business objectives to further grow the company. Securing this debt facility from BlackRock reflects their high confidence in the strength of our business. The funding comes at the perfect time for IDnow to continue driving our ambitious growth strategy and we look forward to working with BlackRock.”
Joe Lichtenberger, CFO of IDnow added:
“This financing facility caps a string of commercial successes that continue to propel IDnow’s strong growth. The facility will allow us to continue investments in our growth areas. BlackRock is a great partner for IDnow going forward.”
As covered in March 2021, IDnow, a provider of identity verification-as-a-service solutions, said it would be acquiring identity Trust Management, a global provider of digital and offline ID verification software from Germany.
IDnow confirmed that it would continue to maintain identity Trust Management’s Düsseldorf location and will retain its employees as well.
The acquisition of Identity Trust Management should help IDnow with further expanding into new verticals while offering its services to a larger and potentially more diverse client base in Germany and other areas.
The combined product portfolio will aim to provide comprehensive ID verification methods, ranging from automated to human-assisted and from being purely online to point-of-sale. All these ID verification methods will be accessible through the IDnow platform.