Non-financial firms chase digital verification start-ups like IDfy
An Economic Times article dated Nov 20, 2019 talks about how consumer internet companies are using digital identity firms like IDfy to run checks on gig economy workers, providers of shared services like bike and car rentals, and dating and marriage sites. The article mentions that this segment is generating 30-50% of these start-ups' revenues, up from 15% last year.
While financial services platforms use these services due to mandatory KYC norms, authenticating users is becoming basic industry hygiene for consumer-internet businesses.
“We are getting around 30% of our revenues from shared-economy companies like ride-hailing startups, rental companies, and companies in travel and accommodation,” said Wriju Ray, cofounder of IDfy.
The article also points towards Corporates, who use our services to verify job applicants and employees. Around 30% of revenues come from these companies, Wriju is quoted in the article.
The article mentions that with 30 to 40 major brands working with them, IDfy has seen this business double over the past one year.
IDfy is helping on-demand & shared-economy companies and online communities keep their users safe by seamlessly identifying and authenticating users.
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