Estonian identity verification startup Veriff becomes unicorn with $100M funding

Tallinn-based Veriff has closed a $100 million Series C round, becoming Estonia’s sixth unicorn. The other five are Skype, Wise, Pipedrive, Bolt, and Playtech. The fresh round values Veriff at $1.5 billion, Sifted reports.

Founders of Veriff — Janer Gorohhov and Kaarel Kotkas
Photo: e-Estonia
  • Founded in 2015 by the Estonians Janer Gorohhov and Kaarel Kotkas, Veriff is an online identity verification startup that helps businesses protect their customers from identity fraud.
  • Veriff can distinguish an online fraud using the combined forces of machine learning and specialists. Its AI speeds up sessions with immediate feedback, and manual checks support the system.
  • The startup has secures a total of $192.3 million in funding over seven rounds, Crunchbase informs.
  • This Series C round was co-led by Tiger Global Management, a global investment firm investing in both public and private markets, and Alkeon Capital, a service that assists investors with their financial endeavors. The existing investors IVP and Accel also participated.

“The biggest challenge will be to keep on scaling at the same speed without losing the great culture of delivering fast, and not being a big enough company to allow ourselves to get slow,”

CEO and founder Kaarel Kotkas comments on the fresh round.

  • Veriff will use the fresh funding for R&D and hiring. The startup currently has 360 employees from 46 nationalities.