MUNICH and LONDON, Oct. 28, 2019 /PRNewswire/ -- IDnow, a leading provider of Identity Verification-as-a-Service ("IVAAS") solutions, today announced a $40 million growth equity investment from Corsair Capital LLC ("Corsair"), one of the longest-standing private equity firms focused on the financial and business services industries.
The announcement comes just a few months after the founders of IDnow appointed a highly accomplished senior management team to jointly pursue an international growth strategy.
IDnow builds world-class, AI-powered identity verification technologies that address the cybersecurity and digital verification needs of global enterprises by combining seamless, online-only infrastructure with a strong level of security and identity fraud prevention. Founded in 2014, IDnow has grown and integrated its portfolio of identity products onto a single platform, serving as a highly effective solution across different sectors and jurisdictions. Corsair's investment will support IDnow as it expands its product range and captures greater market share throughout Europe, with immediate plans to open new offices in France and the UK.
Andreas Bodczek, CEO of IDnow, commented: "We are thrilled to have Corsair as a long-term partner and look forward to benefitting from the firm's deep sector experience and strong global network. IDnow is well-positioned to capture greater market share in Europe and beyond, as we continue to lead the way in the growing digital identity verification space."
Raja Hadji-Touma, Partner at Corsair Capital, said: "We are delighted to invest in IDnow and look forward to partnering with its management team to drive its next phase of growth. Our investment is the result of a thematic focus on businesses that address new requirements arising from the digitalization of many financial transactions and processes, such as security. IDnow is well positioned to provide innovative and effective solutions addressing pressing digital security and fraud prevention needs across the European market and beyond."
Following closing of the transaction, Raja Hadji-Touma and Edward Wertheim, Principal at Corsair, will join the IDnow board of directors.
With its Identity Verification-as-a-Service (IVaaS) platform, IDnow has set out to make the connected world a safer place. IDnow's unmanipulable identity verification is used across industries conducting online customer interactions that require a high degree of security. IDnow uses artificial intelligence to check all security features on ID documents and can, therefore, reliably identify forged documents. Potentially, the identities of more than 7 billion customers from 193 different countries can be verified in real-time. In addition to safety, the focus is also on an uncomplicated application for the customer. With five out of five stars on the Trustpilot customer rating portal, the technology is particularly user-friendly.
IDnow covers a wide range of use cases both in regulated sectors in Europe and for completely new digital business models worldwide. The platform allows clients to customize the identity flow to different regional, legal and business requirements on a per-use case basis.
The company's portfolio of over 250 customers includes leading international companies from various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Raisin (Weltsparen), Sixt, solarisBank, Telefonica Deutschland, UBS, Western Union, and Wirecard as well as fintechs such as Fidor, N26, smava, and wefox. To learn more about the company, visit www.idnow.io
About Corsair Capital
Corsair Capital, LLC, which includes a highly regarded global private equity platform, is a leading global investor in the financial and business services industries. For the past 25 years, Corsair Capital has invested in many of the sub-sectors that comprise the financial services ecosystem in Europe and North America, and has developed a leading practice aligning with strong management teams and co-shareholders to grow specialist businesses. In particular, Corsair has focused on businesses that operate at the cross roads of technology transformation and financial services complexity and that require a deep understanding of, and a global network within, the broad financial industry. More information about Corsair Capital may be accessed through the website www.corsair-capital.com.