Identity verification-as-a-service platform IDnow has closed a €15m growth funding from European Investment Bank.
Capital from the investment will be used to support the RegTech’s research and development, as well as its international expansion efforts.
Germany-based IDnow offers secure, digital identification and electronic signature services. Companies can use the platform to quickly onboard customers and manage transactions, whilst complying to know your customer and anti-money laundering regulations.
EIB vice-president Ambroise Fayolle said, “IDnow, a first-time borrower for the Bank, depends on significant R&D and marketing investments related to commercialisation. The transaction is an excellent example of how the EU bank, with the support of the Investment Plan for Europe, can facilitate the development of innovation, in particular in sensitive policy areas such as anti-money laundering, counter terrorist financing and cybersecurity, which are of utmost importance for the European Union and its economy.”
Last month, IDnow released its new AutoIdent Substantial product. The new tool leverages AI and helps companies to meet the EU eIDAS regulation through automation.
IDnow CFO f Joe Lichtenberger said, “IDnow has experienced overwhelming demand for its verification-as-a-service across multiple industries and countries, with COVID-19 significantly increasing the need for digital services.
“The flexible financing structure from the EIB will allow us to accelerate our investment in developing the platform to capitalise on these opportunities. The EIB is an ideal partner to support us in becoming Europe’s leading provider in identity verification.”
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