Separator

IDfy Bags Rs.86 Crores in a Series D Funding Round

Separator

TransUnion and Blume Ventures led a Rs.86 crore series D round of fundraising for IDfy, a Mumbai-based ID verification and on boarding solutions company.

IDfy (Baldor Technologies Pvt. Ltd.) creates technology that authenticates entities and this makes it easier for businesses to avoid fraud and interact with verified entities with the least amount of friction.

The funds from the Series D fundraising will be used to improve IDfy's product offerings and expand its business and operations.

IDfy's business is expanding abroad. IDfy has been assisting organizations in Southeast Asia and the Middle East on boarding certified merchants and customers in industries including payments, e-commerce, and mobility for the past six months.

IDfy has completed over 70 million verification for more than 500 clients and is consistently ranked among Asia's top five Regulatory Technology firms.

Our collaboration with TransUnion allows us to make a global impact on this issue. Blume Ventures has been a firm believer in us since the beginning. We are grateful for their continuing support as we embark on the next, most exciting phase of our adventure”, expresses Ashok Hariharan, Founder and CEO, IDfy.

As an expected 400 million more Indians enter organized work and begin accessing mainstream financial services by 2025, according to Karthik Reddy, Managing Partner of Blume Ventures, precise identification and verification of people is vital for the economy's success.

Organizations use the IDfy’s AI-based technology to streamline and automate their KYC, employee, and merchant on boarding processes. The IDfy APIs are used in on boarding journeys that require identity and background authentication to create trust.

Banks and financial institutions, e-commerce, online marketplaces, telecom, gambling, and the on-demand economy all use its solutions. Amazon, Airbnb, HDFC Bank, Dream11, and VISA are among its clients and partners, which are spread across India, Southeast Asia, and the Middle East.

We see IDfy as an infrastructure play that will fuel this development because the majority of these engagements are remote and virtual. IDfy was already a pioneer in this field when we initially invested in them. Our most recent investment underlines our faith in the company and its potential to lead digitization in India and around the world”, adds Reddy.

"Over the next five years, a billion additional people are likely to enter the formal sector around the world. Our collaboration with TransUnion allows us to make a global impact on this issue. Blume Ventures has been a firm believer in us since the beginning. We are grateful for their continuing support as we embark on the next, most exciting phase of our adventure”, expresses Ashok Hariharan, Founder and CEO, IDfy.

Current Issue
Extrieve Technologies: A One-Stop-Shop for Document Management Solutions