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Identity Platform IDfy secures $27m, plans to further Asia footprint

By Gloria Mathias

March 06, 2024

  • Compliance
  • Digital Identity Solutions
  • enterprises
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IDfy, Funding, Fintech News, Fintech Funding, Funding India, Integrated Platform, KYC, Regtech, Compliance, SMEs, EnterprisesIDfy, an Integrated Identity Platform, has raised $27 million in a mix of primary and secondary fundraising from Elev8, KB Investment, and Tenacity Ventures.

With this fundraise, IDfy further strengthens its position as Asia’s Integrated Identity Platform and is poised for further expansion across the continent.

IDfy, founded in 2011 by Ashok Hariharan and Vineet Jawa, empowers businesses to eliminate fraud and establish trust. Their AI-driven solutions serve diverse sectors like BFSI, FMCG, E-commerce, Gaming, Sharing Economy, and conglomerates. The company boasts a proven track record of success, working with enterprises in India, Southeast Asia, and the Middle East. IDfy has impacted over 150 million lives and runs over 60 million verifications every month.

Ashok Hariharan, Co-founder and CEO, IDfy said, “Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud and establish trust. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses. I have enjoyed working with Rohit & Gaurav from Tenacity as well as the team from Elev8 and appreciate their hands-on approach to strategy and problem-solving.”

Navin Honagudi, Managing Partner, Elev8 Venture Partners said, “We are thrilled to partner with IDfy as our first investment. The company’s innovative technology, experienced leadership team, and strong market fit position it for remarkable growth. We are confident that IDfy will play a crucial role in shaping the future of risk management in India and beyond.”

Rohit Razdan, Managing Director, Tenacity Ventures said, “We have known Ashok and IDfy for a number of years and are impressed how they have built great products and a great brand. We believe that trust platforms from India will scale internationally and IDfy can compound meaningfully with these global tailwinds. We look forward to a fruitful partnership with the management team to build IDfy in its next phase of growth.”

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