- Helps businesses digitally identify, verify, and onboard genuine entities
- Has performed more than 70mn verifications across 500+ organisations
- Funds will be used for product strengthening and international expansion
Mumbai, October 19, 2021: IDfy, a Mumbai-based ID verification and onboarding solutions company, has raised investment of INR 86 Crore in its series D round of funding led by TransUnion (NYSE: TRU) and Blume Ventures.
IDfy (Baldor Technologies Pvt. Ltd.) builds technology products and solutions that accurately authenticate entities. This helps businesses prevent fraud and engage with verified entities with the least amount of friction.
IDfy plans to use this funding to strengthen its product offerings and expand its business and operations. IDfy is growing its business internationally. During the last six months, IDfy has been helping companies in South East Asia and the Middle East onboard verified merchants and customers in sectors like payments, e-commerce, and mobility. IDfy has performed more than 70 million verifications for 500+ clients and consistently ranks amongst Asia’s Top 5 Regulatory Technology companies.The world is witnessing a dramatic shift in how people engage with each other. Digital payments, online relationships, remote working, and virtual transactions are now more the norm than the exception. In a connected world with exponentially rising volumes of digital transactions, IDfy increases trust by ensuring that all parties are sure of each other’s identities and credentials.
IDfy’s AI-based platform is used by organizations to streamline and automate their KYC, employee and merchant onboarding. IDfy’s APIs are incorporated into onboarding journeys where identity and background authentications are required to establish trust.
IDfy’s solutions are applied across banks & financial institutions, e-commerce, online marketplaces, telecom, gaming, and the on-demand economy. IDfy’s clients and partners are spread across India, South East Asia and the Middle East. The list includes the likes of Amazon, Airbnb, HDFC Bank, Dream11, and VISA.
Ashok Hariharan, Founder & CEO, IDfy, said, “A billion more people globally are expected to enter the formal economy over the next 5 years. Our partnership with TransUnion gives us the chance to drive this change at a global scale. Blume Ventures has believed in us from day one. We are happy to have their continued support in the next, most exciting phase of our journey.”
Karthik Reddy, Managing Partner, Blume Ventures, added, “Accurate identification and verification of people is critical for our economy to progress as an estimated 400 million more Indians enter organised employment by 2025 and start accessing mainstream financial services. With a majority of these engagements being remote and virtual, we look at IDfy as an infrastructure play that will drive this growth. . When we first invested in IDfy, they were already a pioneer in this sector. Our latest investment reaffirms our confidence in the company and its ability to direct digitisation in India as well as globally.”
Rajesh Kumar, Managing Director & CEO, TransUnion CIBIL said, “At a time when consumers and businesses are increasingly transacting in a digital environment, a reliable basis for trust has never been in greater demand. “With TransUnion’s investment in IDfy, we will be able to bring best-in-class onboarding technology to our customers, accelerating digital transformation and further helping strengthen trust, while also supporting economic resurgence and financial inclusion in India.
The market for digital authentications in India is expected to reach $2.4 Billion by 2024*. Globally, the market for fraud detection and prevention is estimated to reach $142 Billion** by 2028.
* RedCore (Redseer Centre of Research Excellence) report commissioned to study the fraud detection and authentication market
**Fortune Business Insights Report
IDfy helps businesses engage with genuine people. We provide verification solutions that accurately identify entities to prevent fraud and reduce risk. Our solutions increase trust and safety while adding the least possible friction.
IDfy’s AI based APIs are used by customers to capture the right information upfront, authenticate this information and verify the information provided in seconds. This allows our clients to streamline customer KYC and smooth employee onboarding. It also helps reduce transaction risks among digital marketplaces.
IDfy’s has previous raised investment from institutional investors MegaDelta Capital, BEENEXT, Dream Incubator, NB Ventures, and Blume Ventures.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people.
About Blume Ventures
Blume is an early stage venture fund that backs startups with funding as well as active mentoring. Blume backs tech-led startups, led by founders obsessed with solving hard problems, uniquely Indian in nature, and impacting large markets. Blume’s vision is to be the leading platform that sources, funds, nurtures and creates value for India’s brightest young startups – helping them ‘blume’!