Digital identification technology developer WebID has received a majority investment from AnaCap, a mid-market private equity firm.
As part of the investment, AnaCap will provide the RegTech company with growth capital and help the team extend its product offering to other industries outside of financial services and telecoms. This will include moves into the e-government, e-health, e-commerce and e-mobility industries.
Founded in 2012, the Berlin-headquartered company provides AML compliant video identification services. Its technology is used by around 300 companies, including Deutsche Bank, BNP Paribas and Santander.
The RegTech company offers a variety of digital identification solutions for KYC processes. Features include identification via video call, online banking, AI, qualified electronic signature solutions, and more.
It claims the technology identifies over 15,000 users each day and has collected and stored eight million verified identities.
WebID claims it is on track to hit sales of $30m for 2021.
AnaCap partner Tassilo Arnhold said, “WebID is a very impressive company and one we have been tracking for some time, given its footing in the high growth digital identification market in Germany. The banking landscape there is witnessing sustained growth from increasing channel shifts of online vs. offline and the penetration of KYC in online processes that we believe will ultimately lead to a fully online customer journey.
“WebID is extremely well placed to enable, facilitate and capitalise on this trend, particularly for large banks who are keen adopters for security, operational efficiency and cost management purposes.”
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