French based startup ubble raises €10 million, partners with Bpifrance
ID verification startup ubble successfully raised funds from Partech and Breega to complete its seed round, bringing its total financing to more than €10 million.
This will finance their ambition and become a leader in their sector. During the lockdown period, ubble also signed a partnership with Bpifrance, which now uses its identity verification solution to ensure the validity of applications for cash support loans following the Covid-19 crisis.
With the increasing digitalization of services, the reliability of remote identity verification is becoming a major issue. Opening a bank account, getting a temporary contract, becoming a delivery man/broker, all these actions can now be carried out remotely, in a completely automated way.
The ubble solution is based on its live streaming video and artificial intelligence technologies. The user is prompted to capture a live video of his face and ID documentation. The recordings are then analyzed in real time by algorithms that assess the authenticity of the document and its correspondence with the user’s face. Their conclusions are then validated by ubble’s anti-fraud experts.
Identity verification, guided in real time by AI, becomes a fun, interactive and fast experience for the user. The use of video technology makes it possible, unlike a photo, to combat identity theft more effectively. Holograms, plasticity and rigidity of IDs are checked by ubble algorithms. With its solution, ubble makes remote identity verification as reliable as in real life, but more convenient and enjoyable for everyone.
ubble has been built in compliance with current European regulations, notably the GDR and eIDAS, offering opportunities for continental expansion. The startup also intends to obtain certification of its solution by ANSSI in 2020 to speed up its development in the regulated French sectors: banking, credit, insurance etc.
ubble has already convinced several major players of the value of its solution, including Carrefour Banque, Sofinco (Crédit Agricole Group), the neo-bank Kard, the VTC Heetch driver platform and digital temporary employment agencies such as Iziwork and Side.
Convinced by the usefulness of ubble’s technology, Bpifrance decided to integrate its solution into its user path. ubble thus demonstrated its flexibility, integrating in just two weeks its unique system for verifying the identity of entrepreneurs impacted by the crisis linked to the Covid-19 epidemic and applying for support loans.