![]() ![]() As with the earlier part of the round, GPS - which is based in London, England - is not disclosing its valuation today. Other investors in the company include Visa. Advent International and Viking Global Investors co-led that previous round, which gave them a controlling stake in GPS. firm MissionOG are the two investors in this latest tranche of funding, which is coming in the form of an extension of a $300 million investment that GPS announced back in October 2021, closing out the full round at $400 million. Today, one of the bigger players on the core technology side - Global Processing Services - is announcing $100 million in funding, a sign not just of how popular embedded finance remains as a business, but also GPS’s traction in the space. So this gives us an automation advantage and very accurate decisions on ID.Embedded finance continues to be the engine driving the growth of fintech, with one group of companies building core banking, payments and other financial technology, and a much bigger group tapping that technology through APIs to build customer-facing businesses. Instead of basing an IDV decision on three pictures alone, we are analyzing over 1,000 other data points. Speaking to Kotkas, I asked what else is going on that helps increase the accuracy of Veriff’s platform. ![]() Based on our research and customer calls, Veriff's product performance leaves others far behind and should be used more widely by companies out there.” Veriff has created an industry-leading product to ensure trust and safety online. John Curtius, partner at Tiger Global said: “A reliable IDV solution for today’s digital businesses and consumers has been exacerbated over the past two years as all operations moved online to conduct business. Kaarel Kotkas, CEO and founder of Veriff, said: “Organizations and consumers needed to verify identities online more than ever before in 2021 - from onboarding remote employees, to creating a safe space for gaming in the metaverse, and conducting business fully online - which makes the establishment of digital trust and transparency incredibly critical.” It also claims that last year it grew verification volumes by more than 8x, and by 20x in the U.S., with its financial services operation growing by 10x, while customer growth had grown by 150%. Veriff claims its video approach makes online IDV “more accurate” than physical face-to-face authentication and prevents fraud more often. To date, the biggest startups in the space include OnFido and Jumio, but so far these rely on still photographs rather than video. The Estonia-based startup's "special sauce" is using AI-powered video to verify identifies. The new financing will be used for growing the workforce, R&D, sales and marketing. ![]() The new funding means the company is now valued at $1.5 billion. They were joined by existing investors IVP and Accel, bringing Veriff’s total funding to date to $200 million. Identity verification (IDV) provider Veriff, has raised a $100 million Series C round co-led by Tiger Global and Alkeon.
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