Business

Fraud detection startup IDfy procures Rs86cr from TransUnion, Blume Ventures

Mumbai-based identity verification and onboarding solutions company IDfy is a Series D round of funding led by New York Stock Exchange-listed TransUnion and early-stage VC firm Blume Ventures for 8.6 billion rupees. Raised capital.

IDfy (Baldor TechnologiesPvt. Ltd.) builds technology products and solutions that accurately authenticate entities. This allows businesses to prevent fraud and engage with validated entities with minimal friction.

The startup said it plans to use the money to strengthen its product offerings and expand its business and operations. IDfy is growing its business internationally. For the past six months, IDfy has helped Southeast Asian and Middle Eastern businesses to validate merchants and customers in areas such as payments, e-commerce and mobility. According to an official statement, it enables over 70 million validations for over 500 clients and is consistently ranked among the top five regulatory technology companies in Asia.

As the trend towards digital payments, online shopping and telecommuting accelerates, exposure to fraud is increasing, especially as transaction volumes increase. IDfy claims to fill the lack of trust by allowing all parties to verify each other’s identities and credentials.

IDfy’s AI-based platform is used by organizations to streamline and automate onboarding of KYC, employees, and merchants. The company’s API is built into the onboarding journey, which requires identity and background authentication to establish trust.

“Over the next five years, more than a billion people around the world are expected to enter the formal economy. The partnership with TransUnion gives us the opportunity to drive this change globally. Bloom Ventures We have believed in us since day one. IDfy founder and CEO Ashok Hariharan said:

IDfy’s solutions apply to banks and financial institutions, e-commerce, online marketplaces, telecom, gaming and on-demand economies. IDfy’s clients and partners span India, Southeast Asia and the Middle East. This list includes Amazon, Airbnb, HDFC Bank, Dream11, VISA and more.

Blume Ventures Managing Partner Karthik Reddy says that by 2025, an estimated 400 million Indians will enter systematic employment and begin access to mainstream financial services, so accurate identification and verification of people will be an economic challenge. He added that it is important for development.

“Most of these engagements are remote and virtual, so we see IDfy as the role of the infrastructure that drives this growth. When we first invested in IDfy, they were already pioneers in this sector. Our latest investment reaffirms our confidence in the company and our ability to direct digitization not only in India but globally, “added Reddy.

According to an insight-based analysis of IDfy from research firm Redseer, the Indian digital authentication market is expected to reach $ 2.4 billion by 2024. Globally, the fraud detection and prevention market is estimated to reach $ 142 billion by 2028.

“As consumers and businesses trade more and more in the digital environment, the demand for a reliable foundation of trust is higher than ever. TransUnion’s investment in IDfy gives our customers best-in-class onboarding technology. It can provide, accelerate digital transformation and further strengthen credibility while supporting India’s economic recovery and financial inclusion, said TransUnion CIBIL CEO.

Read more: Zomato CEO Deepinder Goyal joins Unacademy’s board of directors
Read also: Cred Able will raise $ 30 million in Series B rounds.Aimed to enhance the working capital solution of the enterprise

Fraud detection startup IDfy procures Rs86cr from TransUnion, Blume Ventures

Source link Fraud detection startup IDfy procures Rs86cr from TransUnion, Blume Ventures

Related Articles

Back to top button