Digital identity startup Berbix has closed its Series A round on $9m, which will help it to increase its team size and bolster customer growth.
The round was led by Mayfield, with contributions also coming from Initialized Capital, Y Combinator and Fika Ventures.
Berbix is an ID verification platform that leverages machine learning technology to identify fraud which a human eye could not, it claims. The platform uses an option liveness check which requires people to react to specific instructions, helping to ensure it is a real person.
Berbix co-founder and CEO Steve Kirkham said, “The need for an instant identity verification system has grown in urgency as digital transformation has fast forwarded a decade in our post-Covid world.
“Growth has continued to exceed our expectations during the Covid-19 pandemic. This time last year, we processed the same number of verifications in a month that we do daily today. The inability to conduct traditional identity checks in person has forced organizations to move online for innumerable use cases.
“One example is the Family Independence Initiative, a non-profit that trusts and invests in families’ own efforts to escape poverty. Our software has enabled them to eliminate fraudulent applications and focus on the families who have been economically affected by Covid.”
In conjunction with the deal, Mayfield partner Patrick Salyer has joined the Berbix board of directors.
Copyright © 2020 FinTech Global
