Identity verification startup Veridu closed an £800,000 (almost $1.3 million) seed round from both institutional and private investors, TechCrunch reported yesterday (Oct. 14).
The London-based company is focused on solving a common dilemma in the digital age: verifying a person is who they say they are online.
Its latest funding will help it to continue empowering businesses with the ability to recognize authentic digital identities through the use of various data points, such as a person’s “social footprint.”
“We bring trust to the Internet,” Rasmus Groth, Veridu co-founder and CEO, told TechCrunch. “We help companies across a wide range of industries, from payments providers through to the sharing economy, improve user experience by removing friction in transactions with reliable, off-the-shelf identity, insight and trust solutions based on digital signals. Our customers can benefit from an increase in transactions and a deeper understanding of their users leading to enhanced business growth.”
The startup serves both payments players and P2P companies aiming to reduce the number of good consumers who are declined by strengthening digital identity capabilities, while also cultivating trust with users.
“We are building an identity operating system with focus on complete transparency,” Groth added. “We are on the user’s side providing valuable service to merchants, not another way to violate peoples privacy. We intend to see the vision of providing a bottom up based global ID through and we can only do that if we remain faithful to the user.”
Groth confirmed the new capital will allow Veridu to continue scaling its business and pursue a Series A funding round in the future. The company also plans to expand its workforce, with the addition of data scientists and statisticians, TechCrunch confirmed.
For more on the digital identity ecosystem, click here to take a look at our Identity Tracker, which helps identify the issues and trends that arise around the digital identity ecosystem.
To check out what else is HOT in the world of payments, click here.