IdentityMind Global announced that it has closed a $10 million Series C round of financing.
Along with existing investors, the round was co-led by Benhamou Global Ventures and Eastern Link Capital. It also included Hanna Ventures, Overstock.com and Zanadu Capital Partners.
The new funds will be used to boost expansion in international markets, including Asia, Latin America and Europe, as well as to increase sales, marketing and the company’s new business unit, which focuses on know your customer (KYC) and anti-money laundering (AML) solutions.
“We feel privileged to be working with an elite group of high-quality investors who have a proven track record of success,” said Garrett Gafke, president and CEO of IdentityMind Global. “The market demand for digital identity-based solutions in today’s global digital economy is booming. IdentityMind, the pioneer in digital identities, with hundreds of customers spanning six continents, is uniquely positioned to meet growing global market demand.”
Research shows that the global RegTech market could reach $6.45 billion by 2020. IdentityMind’s SaaS RegTech platform enables companies to perform identity proofing, risk-based authentication and regulatory identification to detect and prevent identity fraud.
IdentityMind also recently opened an office in Beijing, China, and one of its newest investors is Eastern Link Capital, a China-focused private equity fund.
“We’re excited to join the IdentityMind investment team and see the indispensable value they deliver to any company conducting digital business,” said Yudong Hou, managing partner, Eastern Link Capital. “The ongoing growth of synthetic or stolen identities requires digital identity-based solutions to prevent identity fraud and maintain the integrity of the global digital economy. IdentityMind has been identified as a ‘go-to’ partner for those companies needing to implement an effective defense to identity thieves, online fraudsters and money launderers worldwide.”