ID Verification Company IDfy Raises INR 86 Cr From TransUnion And Blume Ventures Funds will be used for product strengthening and international expansion
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IDfy, a Mumbai-based ID verification and onboarding solutions company, on Thursday, announced to have raised an investment of INR 86 Crore in its Series D round of funding led by TransUnion and Blume Ventures.
IDfy plans to use this funding to strengthen its product offerings and expand its business and operations.
"A billion more people globally are expected to enter the formal economy over the next 5 years. Our partnership with TransUnion gives us the chance to drive this change at a global scale. Blume Ventures has believed in us from day one. We are happy to have their continued support in the next, most exciting phase of our journey," said Ashok Hariharan, founder and chief executive officer, IDfy.
IDfy (Baldor Technologies Pvt. Ltd.) builds technology products and solutions that accurately authenticate entities. This helps businesses prevent fraud and engage with verified entities with the least amount of friction.
"Accurate identification and verification of people is critical for our economy to progress as an estimated 400 million more Indians enter organized employment by 2025 and start accessing mainstream financial services. With a majority of these engagements being remote and virtual, we look at IDfy as an infrastructure play that will drive this growth. When we first invested in IDfy, they were already a pioneer in this sector. Our latest investment reaffirms our confidence in the company and its ability to direct digitization in India as well as globally," shared Karthik Reddy, managing partner, Blume Ventures.
IDfy is growing its business internationally. During the last six months, IDfy has been helping companies in South East Asia and the Middle East onboard verified merchants and customers in sectors like payments, e-commerce, and mobility. IDfy has performed more than 70 million verifications for more than 500 clients and consistently ranks amongst Asia's Top 5 Regulatory Technology companies.
IDfy's solutions are applied across banks & financial institutions, e-commerce, online marketplaces, telecom, gaming, and the on-demand economy. IDfy's clients and partners are spread across India, South East Asia, and the Middle East. The list includes the likes of Amazon, Airbnb, HDFC Bank, Dream11, and VISA.
"At a time when consumers and businesses are increasingly transacting in a digital environment, a reliable basis for trust has never been in greater demand. With TransUnion's investment in IDfy, we will be able to bring best-in-class onboarding technology to our customers, accelerating digital transformation and further helping strengthen trust, while also supporting economic resurgence and financial inclusion in India," added Rajesh Kumar, managing director, and chief executive officer, TransUnion CIBIL.
The market for digital authentications in India is expected to reach $2.4 billion by 2024, according to the RedCore report. Globally, the market for fraud detection and prevention is estimated to reach $142 billion by 2028according to the Fortune Business Insights Report.
