IDnow a leading provider for Identity Verification-as-a-Service solutions, just secured €15 million growth funding from the European Investment Bank (EIB). The freshh capital will support IDnow’s research and development and international expansion.
The German identity verification platform IDnow was founded in 2014 and today is a leading expert in secure, remote auto and video identification and electronic signature services. This way 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.
EIB Vice-President Ambroise Fayolle, who is responsible for the European Fund for Strategic Investments (EFSI) and the bank’s operations in Germany, commented: “IDnow, a first-time borrower for the Bank, depends on significant R&D and marketing investments related to commercialisation. The transaction is an excellent example of how the EU bank, with the support of the Investment Plan for Europe, can facilitate the development of innovaton, in particular in sensitive policy areas such as anti-money laundering, counter terrorist financing and cybersecurity, which are of utmost importance for the European Union and its economy.”
Joe Lichtenberger, the CFO of IDnow, stated: “IDnow has experienced overwhelming demand for its verification-as-a-service across multiple industries and countries, with COVID-19 significantly increasing the need for digital services. The flexible financing structure from the EIB will allow us to accelerate our investment in developing the platform to capitalise on these opportunities. The EIB is an ideal partner to support us in becoming Europe’s leading provider in identity verification.”
IDnow already raised a quite substantial amount of funding. In 2018, the total funding about was already above $12 million, and in 2019 IDnow raised another €36 million. Another big milestone happened in September of this year when IDnow acquired Wirecard Communication Services.