Business

Estonia’s Veriff raises 15.5 million US dollars to ramp up global growth

Estonian online verification company Veriff has closed a financing round of 15.5 million US dollars to ramp up global growth and sales to enterprise customers, prior to a larger B-series financing round planned in the future. Money was raised from both new and existing investors, and proves that there is plenty of money in the market for promising start-ups.

The new investment brings Veriff’s total financing to 23.8 million US dollars.

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According to Rainer Sternfeld, managing partner of NordicNinja VC, a Japanese-Nordic venture fund and a new investor in Veriff, the identity verification company has shown sound performance.

“Veriff has been able to significantly grow their business, successfully enter the market in the UK as well as in the US, and signed agreements with some Silicon Valley’s biggest players. We at NordicNinja are excited to see what the future has in store for Veriff, especially as it’s an essential service with a potential to reach every person on the planet,” he says.

Other investors in the latest round include Y Combinator and Mosaic Ventures from the earlier A-series investment, as well as Change Ventures.

Despite the global crisis caused by Covid-19, the company has witnessed increased customer engagement and has taken advantage of accelerated digitalisation around the world.

Veriff has increased its sales volumes, improved its technology, and signed agreements with major global customers. As a result of these activities, the company is expecting solid results for 2020, and is, it says, “targeting profitability”.

Founded in 2015, Veriff aims to protect businesses and their customers from online identity fraud by making sure that a person is who they claim to be. Driven by artificial intelligence, Veriff’s technology can analyse and verify thousands of technological and behavioural variables in seconds. The start-up has a team of 300 people, based in Tallinn and Tartu, Estonia, and in New York.

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