06 March 2024 – Bengaluru-based identity verification startup IDfy has secured $27 million in a combination of primary and secondary fundraising from Elev8 Venture Partners, KB Investment, and Tenacity Ventures. The company, known for its robust risk management solutions, aims to leverage the investment to fuel its expansion plans and bolster product development initiatives.
About IDfy:
Founded in 2011 by Ashok Hariharan and Vineet Jawa, IDfy has established itself as a leading player in the identity verification landscape. The startup offers a comprehensive suite of services, including KYC, KYB, background checks, risk mitigation, digital onboarding, and privacy solutions. Its clientele includes prestigious names such as HDFC Bank, AxisBank, Zomato, and American Express, with over 60 million verifications conducted monthly.
IDfy’s co-founder and CEO, Ashok Hariharan, expressed gratitude for the investment from Elev8 and Tenacity, highlighting it as a validation of the company’s vision and capabilities. The funds will be instrumental in driving IDfy’s mission to combat fraud and establish trust across various sectors.
Elev8 emphasized IDfy’s strong leadership, product-centric approach, and alignment with India’s digital transformation journey as key factors driving its investment decision. Tenacity Ventures echoed similar sentiments, expressing confidence in IDfy’s potential to capitalize on global digitization trends and scale internationally.
Conclusion:
The $27 million investment marks a significant milestone for IDfy, propelling the company into its next phase of growth and innovation. With a clear focus on expanding its identity verification platform and enhancing product offerings, IDfy is poised to play a pivotal role in shaping the future of digital trust and security. As India’s digitization efforts continue to accelerate, IDfy’s commitment to eliminating fraud and fostering trust positions it as a key player in the evolving landscape of identity verification solutions.
