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London Tech Week

IDnow scoops €60M debt to expand its secure identity verification platform

Image credits: IDnow

Munich-based IDnow, an identity proofing and digital identity provider, has received €60 million in debt from funds and accounts managed by BlackRock (which invested in Flexe, SumUp and AlphaSense).

Growth and expansion plans

The financing will let the company leverage its existing market-leading identity platform. Also, IDnow intends to use the capital to scale investments across a range of strategic initiatives, including the introduction of new identity proofing solutions, continued geographic expansion, and potential acquisitions.

Andreas Bodczek, CEO of IDnow stated: “We are proud to have been able to raise financing to support IDnow’s business objectives to further grow the company. Securing this debt facility from BlackRock reflects their high confidence in the strength of our business. The funding comes at the perfect time for IDnow to continue driving our ambitious growth strategy and we look forward to working with BlackRock.”

Joe Lichtenberger, CFO of IDnow added: “This financing facility caps a string of commercial successes that continue to propel IDnow’s strong growth. The facility will allow us to continue investments in our growth areas. BlackRock is a great partner for IDnow going forward.”

ID proofing for critical use cases

Armin Bauer, Dennis von Ferenczy, and Felix Haas founded the identity verification platform in 2014, which now provides expert and secure, remote auto and video identification and electronic signature services. It also offers a comprehensive suite of identity proofing solutions that address a wide range of mission-critical use cases from low to high assurance levels.

IDnow enables companies to acquire customers and manage transactions faster and easier while complying with know your customer (KYC) and anti-money laundering (AML) regulations.

Ranging from automated to human-assisted, from online to point-of-sale, these identity proofing methods are optimised to provide the highest security standards. Its advanced AI-driven capabilities and a vertical orchestration platform maximise accuracy and conversion.

Patented by the EU

As per the company, its solutions offer great flexibility and a high level of data security in the European Union and beyond. In the segment of video verification, it claims to be the first solution provider to offer a legally secure offering without additional hardware. The IDnow video identification process was patented by the EU in 2016.

It is directed at the business customers who want to provide customer identification and contract conclusion online, such as banks, telecommunications companies, fintechs.

Currently, IDnow serves over 900 sector-leading enterprise customers across several verticals covering 195 countries. Its international clients include Western Union, UBS, N26, Solarisbank, wefox and Tier Mobility among others. Headquartered in Munich, the company has offices in Berlin, London, Dubai, Manchester, Leipzig, and Düsseldorf.

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