Estonian startup Veriff closes $15.5 million financing round for global expansion
Estonian identity verification startup Veriff closed a financing round of $15.5 million 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, including Y Combinator and Mosaic Ventures from the earlier A-series investment round, and new investors NordicNinja VC and Change Ventures.
Despite the global crisis caused by COVID-19, the company has witnessed increased customer engagement and taken advantage of accelerated digitalization around the world. Last year, the verification volumes grew by 35 times, and the company has kept up with the growth trajectory this year, also targeting profitability.
Veriff has increased its sales volumes, continuously improving its technology, and signed agreements with major global customers in Silicon Valley. As a result of these activities, the company has earned the trust of investors and is expecting solid results for the year 2020.
Rainer Sternfeld, Managing Partner of NordicNinja VC, a Japanese-Nordic venture fund and a new investor in Veriff, said 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 U.S., 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.”
The global pandemic has brought along significant paradigm shifts. This has created an increased demand for online identity verification, and Veriff is taking this responsibility seriously. During the pandemic, Veriff has been in close contact with its international customers, and also witnessed how global tech giants as well as more traditional businesses pivoted their strategies in response to the crisis.
Current investment brings Veriff’s total financing to 23,8 million USD and enables the company to accelerate its global growth even further.