ID Verification Company IDfy Raises INR 86 Crore From Transunion and Blume Ventures

• Helps businesses digitally identify, verify, and onboard genuine entities
• Has performed more than 70mn verifications across 500+ organisations
• Funds will be used for product strengthening and international expansion

IDfy, a Mumbai-based ID verification and onboarding solutions company, has raised investment of INR 86 Crore in its series D round of funding led by TransUnion (NYSE: TRU) and Blume Ventures.

IDfy (Baldor Technologies Pvt. Ltd.) builds technology products and solutions that accurately authenticate entities. This helps businesses prevent fraud and engage with verified entities with the least amount of friction.

IDfy plans to use this funding to strengthen its product offerings and expand its business and operations. IDfy is growing its business internationally. During the last six months, IDfy has been helping companies in South East Asia and the Middle East onboard verified merchants and customers in sectors like payments, e-commerce, and mobility. IDfy has performed more than 70 million verifications for 500+ clients and consistently ranks amongst Asia’s Top 5 Regulatory Technology companies.

The world is witnessing a dramatic shift in how people engage with each other. Digital payments, online relationships, remote working, and virtual transactions are now more the norm than the exception. In a connected world with exponentially rising volumes of digital transactions, IDfy increases trust by ensuring that all parties are sure of each other’s identities and credentials.

IDfy’s AI-based platform is used by organizations to streamline and automate their KYC, employee and merchant onboarding. IDfy’s APIs are incorporated into onboarding journeys where identity and background authentications are required to establish trust.

IDfy’s solutions are applied across banks & financial institutions, e-commerce, online marketplaces, telecom, gaming, and the on-demand economy. IDfy’s clients and partners are spread across India, South East Asia and the Middle East. The list includes the likes of Amazon, Airbnb, HDFC Bank, Dream11, and VISA.

Ashok Hariharan, CEO, IDfy

Ashok Hariharan, Founder & CEO, IDfy, said, “A billion more people globally are expected to enter the formal economy over the next 5 years. Our partnership with TransUnion gives us the chance to drive this change at a global scale. Blume Ventures has believed in us from day one. We are happy to have their continued support in the next, most exciting phase of our journey.”

Karthik Reddy, Managing Partner, Blume Ventures, added, “Accurate identification and verification of people is critical for our economy to progress as an estimated 400 million more Indians enter organised employment by 2025 and start accessing mainstream financial services. With a majority of these engagements being remote and virtual, we look at IDfy as an infrastructure play that will drive this growth. . When we first invested in IDfy, they were already a pioneer in this sector. Our latest investment reaffirms our confidence in the company and its ability to direct digitisation in India as well as globally.”

Rajesh Kumar, Managing Director & CEO, TransUnion CIBIL said, “At a time when consumers and businesses are increasingly transacting in a digital environment, a reliable basis for trust has never been in greater demand. “With TransUnion’s investment in IDfy, we will be able to bring best-in-class onboarding technology to our customers, accelerating digital transformation and further helping strengthen trust, while also supporting economic resurgence and financial inclusion in India.

The market for digital authentications in India is expected to reach $2.4 Billion by 2024*. Globally, the market for fraud detection and prevention is estimated to reach $142 Billion** by 2028.

* RedCore (Redseer Centre of Research Excellence) report commissioned to study the fraud detection and authentication market

**Fortune Business Insights Report

About IDfy

IDfy helps businesses engage with genuine people. We provide verification solutions that accurately identify entities to prevent fraud and reduce risk. Our solutions increase trust and safety while adding the least possible friction.

IDfy’s AI based APIs are used by customers to capture the right information upfront, authenticate this information and verify the information provided in seconds. This allows our clients to streamline customer KYC and smooth employee onboarding. It also helps reduce transaction risks among digital marketplaces.

IDfy’s has previous raised investment from institutional investors MegaDelta Capital, BEENEXT, Dream Incubator, NB Ventures, and Blume Ventures.

https://www.idfy.com/

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

About Blume Ventures

Blume is an early stage venture fund that backs startups with funding as well as active mentoring. Blume backs tech-led startups, led by founders obsessed with solving hard problems, uniquely Indian in nature, and impacting large markets. Blume’s vision is to be the leading platform that sources, funds, nurtures and creates value for India's brightest young startups – helping them ‘blume’!

IDfy Launches Checkwala.com, A Background Check Service Specialised for Small Businesses and Domestic Staff

IDfy, India’s leading ‘integrated people decisioning platform’ providing end-to-end H.R. solutions with the use of cloud computing technology, has announced the launch of Checkwala.com, a background check service designed specifically for small businesses, domestic staff and workers, and tenancies. The service aims to provide a complete suite of background verification services that anyone can use to ensure the safety and security of their business or homes.

With the rise in number of crimes in homes, joint families moving towards a nuclear family structure, and with busy work-life schedules, one’s life is completely dependent on housemaids, ayahs, and nurses for elderly people. Moreover, many small businesses are at the mercy of staff that are constantly changing jobs, and are unknown to the people hiring them. Most such businesses, or landlords do not have the capability to conduct a background check on the one they employ or to whom they rent their houses, risking the life of their family, or their business assets. Checkwala.com thus ensures that you can trust the safety of your business, family, home, shop, or possessions with someone you’re hiring.

The website provides four kind of checks: Identity Check, Criminal Court Record Check, Address Check, and Employer Check, and is designed to be simple to use, and fast in turn-around-time. Users can choose any combination from amongst the following services: Identity Check, based on P.A.N., Voter I.D., or Aadhaar card (completely free and instantaneous). Other checks are available at minimal costs, starting at as low as Rs.200/-. Checkwala.com also provides Police Registration or Character Certificate services on request.

Ashok Hariharan, Founder and C.E.O., IDfy said, “There are around 40 crore total domestic staff in India, and around 50% of thefts are committed by domestic help or small business employees; 76 cases of crimes such as robbery are reported with the police every hour. In such an atmosphere of growing uncertainty, it is critical that each of us has some way of ensuring the safety of our businesses, loved ones, and our homes.”

Checkwala.com is an offering from an independent third-party identity verification service that has years of experience leveraging technology to provide top-notch background verification services to leading enterprises. It has completed around 1,14,211 checks till date, leveraging best-in-class enterprise-level processes to ensure the safety of home and family.