Identity verification platform IDnow raises €15M from the European Investment Bank

Munich-based startup IDnow has got a €15 million loan from the European Investment Bank that is provided under Investment Plan for Europe. 

Launched in 2014, IDnow platform offers comprehensive KYC services, from eSigning to automated and video-based assisted identity verification. According to the startup, it has the potential to verify 7 billion people in real-time guaranteeing legal security throughout Europe and the highest level of data security.

The solutions of IDnow are directed at all business customers who would like to provide customer identification and contract conclusion online, such as banks, telecommunications companies, fintechs. Klarna, N26, Tier, Sixt, wefox are already among its clients. Between March and July 2020, the IDnow services were even more demanded because of rising the number of fraud attempts by around 250%, the company noted.

“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,” CFO of IDnow Joe Lichtenberger explained.

The proceeds will primarily support IDnow’s R&D activities as well as its international growth.