Veriff has successfully closed a $15.5 million financing round to accelerate global growth and sales, positioning itself for further expansion in the rapidly evolving identity verification market.

Target Information

Veriff, an innovative identity verification startup, was founded by Janer Gorohhov and Kaarel Kotkas. The company recently closed a financing round of $15.5 million to enhance its global growth initiatives and expand its sales to enterprise clients. This financing is positioned as a precursor to a larger B-series funding round planned for the near future.

Industry Overview in the Target’s Country

In recent years, the identity verification industry has undergone rapid transformation, especially due to the digitalization accelerated by the COVID-19 pandemic. The global public health crisis has prompted businesses across various sectors to reassess their operational protocols, leading to an exponential demand for digital verification solutions. Consequently, markets in regions such as the United States and the United Kingdom have become hotbeds for innovative companies like Veriff.

The need for robust identity verification systems has risen as organizations face increasing challenges to secure user identities while maintaining regulatory compliance.