IdentityMind closes $10m Series C round

fintech insurtech wealthtech regtech ai cybertech esg news
fintech insurtech wealthtech regtech ai cybertech esg news

RegTech 100 company IdentityMind Global has closed a $10m Series C round of financing to meet the global demand for digital identities.

In addition to all existing investors, the round was co-led by Benhamou Global Ventures and Eastern Link Capital and included Hanna Ventures,, and Zanadu Capital Partners.

The funding comes four years after it closed its $8.5m Series B round. That round was led by Lakwood & Company and included participation from Fortress Investment Group,, Westlake Venture Partners, and Benhamou.

IdentityMind provides a SaaS RegTech platform that builds, maintains and analyses digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud.
Along with expanding its sales and marketing efforts, the new funds will be used to drive expansion within international markets, including Asia, Latin America and Europe, according to CEO Garrett Gafke.

Following the recent opening of a Beijing office, IdentityMind plans to use its new partnership with Eastern Link Capital, a China focused private equity fund to capitalise on the opportunities in the region.

The capital will also be to fuel the expansion of its new business unit, which is specificalbal Ventures and Eastern Link Capitly dedicated to providing KYC and AML solutions to address the regulatory and compliance requirements of the rapidly growing Initial Coin Offering (ICO) and cryptocurrency markets.

“We feel privileged to be working with an elite group of high quality investors who have a proven track record of success,” said Gafke. “The market demand for digital identity-based solutions in today’s global digital economy is booming. IdentityMind, the pioneer in digital identities, with hundreds of customers spanning six continents, is uniquely positioned to meet growing global market demand.”

In the last six months, the company has worked with over 40 ICO customers, evaluating more than 150,000 users around the world who contributed almost a billion dollars in digital currency.

IdentityMind’s technology securely tracks the entities involved in each transaction (onboarding, account origination, money transfers, online payments) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind’s Global Identity Network.

Further accelerating RegTech growth in financial services is the May 25, 2018 EU General Data Protection Regulation (GDPR), which dictates how companies address data privacy and protection in Europe. IdentityMind is fully compliant with GDPR and supports customers looking for a GDPR compliant RegTech solution.

Last year,  IdentityMind was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.

Copyright © 2018 RegTech Analyst

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