IDnow, an identity verification platform provider in Europe, today announced a new strategic investment from Corsair Capital, a specialist investment firm targeting payments, software, and business services investments in the financial services sector.
With this transaction, Corsair will now reportedly acquire a majority stake in the Company from existing shareholders, “reinforcing its commitment to fueling IDnow’s continued growth and leadership position within the European identity market, and into other regions globally.”
Founded in 2014, IDnow builds AI-powered identity verification technologies that address the “cybersecurity and digital verification needs of global enterprises and leading international brands across financial services, telecommunications, travel & mobility, gaming and other industries.”
Corsair first invested to support the growth of IDnow in October 2019 when it acquired “a minority stake in the business.”
Since Corsair’s initial investment, IDnow has strengthened its technical leadership position, grown its portfolio of differentiated identification solutions, and “completed two strategic acquisitions which expanded the company into new geographies including establishing a leadership position in France.”
Through this transaction, Corsair aims to accelerate IDnow’s growth and the company’s position as a European entity with a “suite of solutions, strong positions in multiple geographies, and with additional acquisitions bringing added scale and reach.”
IDnow CEO Andreas Bodczek said:
“Since our founding a decade ago, IDnow has become a market leader in identity verification in Germany and France. During this time, we have achieved significant success in delivering strong results and growing our customer base, and with today’s announcement we aim to solidify our commitment to positioning the Company for future success. Corsair’s increased investment underscores their confidence in our vision and speaks to the synergies we have achieved through our collaborative relationship. With this deeper partnership, we can continue to transform and ensure our platform continues to evolve.”
Raja Hadji-Touma and Edward Wertheim, Partners at Corsair said:
“Since our initial investment, we’ve witnessed IDnow build significant momentum and achieve impressive scale. We are excited by the opportunity to deepen our partnership with IDnow’s talented management team, and we look forward to supporting their next chapter of innovation and growth.”
Felix Haas, Executive Chairman and Co-Founder of IDnow said:
“Building IDnow has been an incredible journey over the past 10 years together with Armin Berghaus, Dennis von Ferenczy and Sebastian Baerhold, and we believe today’s announcement enables us to strengthen our capabilities and capitalize on the vast market opportunity available to us. Corsair’s resources and expertise will help accelerate growth and unlock new opportunities for the Company and I’m confident this partnership will drive progress and expansion in ways that will benefit IDnow, its customers and the industry as a whole.”
As noted in the update, IDnow is an identity verification platform provider in Europe with a vision “to make the connected world a safer place.”
The IDnow platform provides a portfolio of identity verification solutions, ranging from “automated to human-assisted from purely online to point-of-sale, each of them optimized for user conversion rates and security.”
In 2021, IDnow acquired the French firm focused on identity technology, ARIADNEXT, and the German identity Trust Management AG, enabling IDnow to offer its customers “one of the broadest identification solutions through a single, integrated platform.”
The company has offices in Germany, United Kingdom, and France and is reportedly backed by “institutional investors, including Corsair Capital and Seventure Partners.”
Its portfolio of international clients spans a “range of end markets including financial services, telecommunications, travel & mobility, gaming and other industries.”