Veridu raises 1 million euros for global identity platform

Veridu raises 1 million euros for global identity platform

Veridu, a London-based tool to verify the identity of users in order to eliminate fraud, has completed a funding round of £800,000 (€1.07 million) and is now aiming for a valuation of about 27 million euros in 2016. With the attracted capital, Veridu wants to hire more data scientists and develop a self-service solution that makes it easy for any online store owner and marketplace to make use of their technology.

Veridu attracted capital from investment funds Force Over Mass Capital, Knightsbridge Executive Services and Callataÿ & Wouters Ventures as well as independent investors such as the founders of payment solution VitessePSP. With this money Veridu will now be able to further scale its business until the next investment round.

Global digital identity solution
Among other things, Veridu uses people’s social footprints to quickly and effectively verify their identity. This can be used to build trust among people across borders and to reduce fraud, but Veridu also offers their clients new customer insight. “This of course makes it possible for companies to target content and communications more accurately, efficiently and cheaply than has ever before been possible”, Veridu states.

“We’ve met several interesting investors who share our view of the enormous potential in a global digital identity solution, which among other things is based on people’s use of social media”, founder and CEO Rasmus Groth says. “Thanks to these investors and their networks, we can now move to the next phase which is to accelerate our sales.”

Self-service solution ready in spring 2016
Veridu plans to begin fundraising for their A-round next spring but is already in the process of integrating its technology with several big clients. “Right now we’ll spend part of the money on adding data scientists and statisticians to our organization that can further improve the accuracy of our algorithms. In addition, we’re hiring a team that is solely concerned with our major clients and partners. Finally, we’ll develop a self-service solution that makes it easy for any digital store owner and marketplace in the world to make use of our technology. We expect to have the self-service solution ready in the spring of 2016”, Rasmus explains.

Danish resident Rasmus founded the company in London in 2014. He wanted to create an accurate and reliable tool to verify the identity of any person anywhere in the world. Veridu approves the identity in a few seconds, but also offers its clients insight in the customer. The technology is also being used a way to ensure trust between two parties on e.g. digital marketplaces.