Estonian Identity Verification startup Veriff lands $15.8 million to expand internationally
Estonian startup Veriff has announced landing around $15.8 million (€13.7 million) from existing investors Y Combinator and Mosaic Ventures as well as the new ones, such as Change Ventures and NordicNinja VC. Veriff has raised a total of $23.3M in funding over 5 rounds. Their latest funding was raised on Jul 1, 2020, from a Convertible Note round, reports Crunchbase.
Founded in 2015 by the CEO Kaarel Kotkas and COO Janer Gorohhovin, Veriff is aimed to protect businesses and their customers from online identity fraud. With the help of artificial intelligence, Veriff analyzes and verify thousands of technological and behavioral variables in seconds, including facial recognition.
The company is planning to spend the proceeds to expand further internationally. To date, Veriff employs 300 people in Tallinn and Tartu, Estonia, and New York, the USA. Moreover, last year, their verification size grew by 35 times, and this year they signed agreements with global customers in Silicon Valley.
Commenting on the investment, Managing Partner of NordicNinja VC Rainer Sternfeld said:
“Veriff has been able to significantly grow their business, successfully enter the market in the UK as well as in the U.S., and signed agreements with some Silicon Valley’s biggest players. We at NordicNinja are excited to see what the future has in store for Veriff, especially as it’s an essential service with a potential to reach every person on the planet.”