Munich-based IDnow has just scored €60 million to fuel its expansion. A leading provider of identity proofing and digital identity solutions, the startup has ambitious growth plans that have now received a push in the right direction.
Founded in 2014, IDnow has developed an identity verification platform that is now one of the sector leaders in Europe, providing expert and secure, remote auto and video identification and electronic signature services. 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.
Today, the startup has secured a new debt facility worth €60 million from BlackRock. It will allow the firm to leverage its existing platform as well as scale up growth plans.
Plans are in motion to use the funding to scale investments across a range of strategic initiatives – including, developing new identity-proofing solutions, continued geographic expansion, and potential acquisitions.
The innovators picked up €15 million back in 2020. They’ve now raised a significant amount of funding and are certainly establishing themselves in the market.
Headquartered in Munich, the IDnow platform offers a broad range of identity verification and document signing solutions combined with a comprehensive service offering. Ranging from automated to human-assisted, from purely online to point-of-sale, the identity proofing methods are optimised to assure the highest security standards with maximum user conversion.
IDnow serves over 900 sector-leading enterprise customers across multiple verticals with coverage of 195 countries. Backed by renowned institutional investors, led by Corsair Capital, international clients include prominent names such as Western Union, UBS, Sixt and Munich Re, as well as digital champions like N26, Solarisbank, wefox and Tier Mobility.
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.”