French startup ubble, an online ID verification solution, has announced raising an extension on its seed round during the coronavirus lockdown, led by Partech and Breega. This extension comes on top of their first and previously unannounced seed round, bringing their total seed funding to €10 million. During the lockdown period, ubble also signed a partnership with Bpifrance, which now uses its identity verification solution to ensure the validity of applications for cash support loans following the COVID-19 crisis.
To make online transactions more secure, the team behind ubble have put together a solution using artificial intelligence and video streaming technologies. Founded in 2018 by alumni of Gemalto, Criteo and Google, ubble enables companies to verify the identity of users in a simple, reliable, and privacy-friendly way, from opening a bank account, to confirming a contract.
So, how does it work? The user is prompted to capture a live video of his or her face, and ID documentation. The recordings are then analyzed in real time by algorithms that assess the authenticity of the document and its correspondence with the user’s face. Their conclusions are then validated by ubble’s anti-fraud experts.
Identity verification, guided in real time by AI, becomes a fun, interactive and fast experience for the user. The use of video technology makes it possible, unlike a photo, to combat identity theft more effectively. Holograms, plasticity and rigidity of IDs are checked by ubble algorithms. With its solution, ubble makes remote identity verification as reliable as in real life, but more convenient and enjoyable for everyone.
The new funds will enable the young startup to recruit new talent and to break into European markets. Fifteen positions will be filled by the end of the year, notably in the sales and marketing teams to accelerate their development.
Juliette Delanoe, co-founder of ubble, said: “This new fund raising and this project with Bpifrance are for us another step in the conquest of the European identity verification market. We are confirming our desire to become a leader in French and European technology: combining cutting-edge technology, compliance with French and European regulations and respect for user data”.
Boris Golden, Principal at Partech, tells his favorite story: “Our first reaction when we heard about ubble was: ‘another identity verification startup’! However, we couldn’t imagine that such an exceptional and expert team would have launched itself without having identified a huge opportunity. And indeed, ubble had an incredible strategic vision and audacity: to spend several years building a deeply differentiated technology, without worrying about existing offers that did not bet on a strong technological core. With the growing demands of customers and regulators, ubble’s positioning is proving its relevance and deep added value every day”.
Isabelle Gallo, Partner at Breega adds: “We are delighted to support ubble in its conquest of new markets. To date, ubble is the most reliable and user-friendly solution offering online identity verification via real-time video. Obtaining the ANSSI certificate would enable it to accelerate the digital transformation of a large number of traditional banking and financial institutions and eventually become a global reference in identity verification”.
In addition to the funds raised, ubble has convinced Bpifrance of the usefulness of its technology, integrating the solution into its user path. The ubble team integrated the solution in just two weeks, so that Bpifrance can bolster the ID verification of entrepreneurs applying for COVID-19 support loans.
So what’s next for ubble? The solution was built in compliance with current European regulations, notably the GDR and eIDAS, offering opportunities for continental expansion. The startup also intends to obtain certification of its solution by ANSSI in 2020 to speed up its development in the regulated French sectors, such as banking, credit, and insurance.