Estonian online identity verification startup raises USD15.5 million in financing round

The Estonian online identity verification startup, Veriff, has closed a financing round of USD15.5 million to bolster its global growth.

Founded in 2015 by Kaarel Kotkas, Veriff’s technology makes sure a person is who they claim to be. Using artificial intelligence, the firm claims to analyse thousands of technological and behavioural variables in seconds, verifying people from around the world. The company serves a global portfolio of internet businesses, including fintech companies and sharing economy providers. It currently employs 230 people in Estonia and the US. 

Kotkas said in a statement that despite the global crisis caused by COVID-19, the company has “witnessed increased customer engagement and taken advantage of accelerated digitalisation around the world”.

“The global pandemic has brought along significant paradigm shifts. This has created an increased demand for online identity verification,” Kotkas said. “During the pandemic, we were in close contact with our international customers and witnessed how the global tech giants as well as more traditional businesses pivoted their strategies in response to the crisis.”

The new investment brings Veriff’s total financing to USD23.8 million. Its investors include Mosaic Ventures, Y Combinator, SV Angel, ACE & Company, LIFT99, Superangel, Ashton Kutcher, Paul Buchheit, Elad Gil, Taavet Hinrikus, Sten Tamkivi, Gustaf Alstromer, Anu Harihara, Andrew Prozes and others.

Cover: Veriff’s team in 2019. Photo by Veriff.

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