Veriff

Overview
Activities
News
FinTech Infrastructure?
Product stageSegments
Early
?
Fraud prevention
?

Based in Estonia, Veriff offers an enterprise identity verification platform to reduce online identity fraud. It uses an AI-powered, video-based approach to automate and quicken the verification process, primarily by analyzing a variety of government-issued IDs across the globe. The platform was used by a range of industries including mobility, crypto, and financial services.

As of September 2022, Veriff confirmed IDs from over 10,200 ID documents, across 190 countries (including the US and the UK), in 45 languages. However, in February 2023, Veriff agreed to pay USD 4 million to settle a class action lawsuit filed against it under the Illinois Biometric Information Privacy Act (BIPA). Veriff allegedly failed to comply with BIPA, in relation to obtaining consent before collecting facial geometry scans for identity verification.


Key customers and partnerships


The company joined the Visa Fintech Partner Connect, a program that helps financial institutions connect with tech providers, in September 2021, to expand the market for its identity verification platform by tapping into Visa’s network of issuing clients.


Veriff partnered with mobile app developer Shockoe, in September 2022, to help businesses creating mobile apps embed fraud prevention to help them stop bad actors when converting and onboarding customers.


Funding and financials

In 2021, the company saw rapid growth with volumes reportedly growing by 8x globally (20x in the US), driven by the financial services sector volumes rising 10x. Veriff further noted that its customer base has grown by 150% YoY.

Veriff raised USD 100 million in Series C funding in January 2022, co-led by Tiger Global and Alkeon, at a USD 1.5 billion valuation (reportedly making it Estonia’s sixth unicorn). The funds were earmarked for R&D investments and recruitment.

HQ location:
Niine 11 Tallinn EST
Founded year:
2015
Employees:
501-1,000
IPO status:
Private
Total funding:
USD 192.3 mn
Last Funding:
USD 100.0 mn (Series C; Jan 2022)
Last valuation:
USD 1.5 bn (Jan 2022)
Key competitors
Filter by the segments to which the disruptor belongs
All Segmentsexpand
 
Loading...
Loading...
Loading...
Loading...
Product Overview
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
Product Metrics
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
Company profile
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
Funding data are powered by Crunchbase
arrow
menuarrow
Click here to learn more
Get a demo

By using this site, you agree to allow SPEEDA Edge and our partners to use cookies for analytics and personalization. Visit our privacy policy for more information about our data collection practices.