Munich-based IDnow, a startup that provides machine-learning technology for its Identity Verification-as-a-Service (IVaaS) platform, announced on Wednesday that it has raised €60M in a new debt facility from funds and accounts managed by BlackRock.
IDnow’s CEO Andreas Bodczek says, “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.”
According to IDnow, the fresh funds will help scale the company by introducing new identity-proofing solutions, expanding its services in new markets, and for potential acquisitions.
IDnow’s CFO Joe Lichtenberger says, “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.”
The platform for identity proofing
Founded in 2014 by Armin Bauer, Dennis von Ferenczy, Felix Haas, and Sebastian Baerhold, IDnow aims to make the connected world a safer place with its Identity Verification-as-a-Service platform.
The startup claims to provide secure, remote auto & video identification, and electronic signature services. This helps companies acquire customers and manage transactions faster and easier, while complying with Know Your Customer (KYC) and anti-money laundering (AML) regulations.
IDnow uses artificial intelligence to check all security features on ID documents and can, therefore, reliably identify forged documents. Currently, the company serves over 900 sector-leading enterprise customers across multiple verticals with coverage of 195 countries.
Some of its customers include Bank of Scotland, BNP Paribas, Commerzbank, eventim, Sixt, solarisbank, Telefonica Deutschland, UBS, and Western Union. Fintechs such as Fidor, N26, smava, and wefox are also its customers, among others.
The company is backed by VCs such as Corsair Capital, BayBG, Seventure Partners, and G+D Ventures, as well as a group of renowned business angels.
IDnow’s growth in the past
In March 2021, IDnow acquired identity Trust Management AG, a provider of digital and offline identification solutions. It was the startup’s second acquisition. Prior to that, in September 2020, IDnow acquired Wirecard Communication Services – a consultation and information services firm.
In December 2020, the European Investment Bank (EIB) invested €15M as growth funding in IDnow. The raised capital was primarily to support its research and development (R&D) activities and for international expansion.
With such developments, IDnow is making its path to becoming the leading provider of identity platforms in Europe.