TLDR:
- Integrated identity platform IDfy has raised $27 million in funding from Elev8, KB Investment, and Tenacity Ventures.
- The company conducts over two million verifications per day and serves clients across various sectors.
Integrated identity platform IDfy has announced a successful funding round of $27 million from Elev8, KB Investment, and Tenacity Ventures. Founded in 2011 by Ashok Hariharan and Vineet Jawa, the company focuses on eliminating fraud and establishing trust through its AI/ML capabilities and banking-grade security. With a client base of over 1,500 businesses in sectors like BFSI, FMCG, e-commerce, gaming, and conglomerates, IDfy is equipped to handle a high volume of verifications on a daily basis.
The funds raised will be used for expansion plans and product development to better serve their clients, which include major players like HDFC Bank, Axis Bank, Zomato, PhonePe, and others. Elev8 Venture Partners, a growth-stage fund of South Korea’s KB Investment, and Tenacity Ventures participated in this funding round. IDfy has operations in India, Southeast Asia, and West Asia, showcasing its global reach and impact in the identity verification space.
