AI Platform, Vouched announced $4.5M financing round
By Edlyn Cardoza
Vouched, the developer of proprietary, AI-powered, real-time identity verification services, recently announced it has closed a $4.5M funding round. The financing, led by digital tech entrepreneur Darrell Cavens, alongside strategic investments from both banking and legal services firms, accelerates the dynamic growth of the business.
“Governments, businesses and consumers alike are increasingly moving their activities online,” said John Baird, Co-founder and CEO of Vouched. “We’re standing at the precipice of a purely digital world, and being able to verify identity online is both crucial, and increasingly complicated: the traditional understanding of identity, which rests wholly on in-person examination, no longer exists. Yet, access to our most important services – banking, healthcare, employment, government aid – requires it. There is a huge need for fast, rigorous, accurate and compliant online verification. That’s what Vouched does.”
“Vouched is moving online identification forward at a very rapid pace, and I believe it’s exactly what so many businesses, governments, and consumers need,” said Darrell Cavens. “Knowing, with precision, who a customer is will unlock dozens of crucial services to be offered digitally.”
The ongoing migration to digital interactions between businesses and their customers created robust demand for the Vouched digital ID verification service. The COVID pandemic acted as an accelerant, as the demand for touchless ID verification on a global scale became a necessity across virtually every industry. Now, it is clear to businesses around the world that fast, accurate online identification is a competitive advantage.
Baird added, “Our I.D. verification system enables faster, safer, hassle-free transactions for any interaction where identification matters. Whether you’re trying to set up a bank account online, check into a hotel room without waiting in line, or simply get information from your doctor, Vouched solves the problem of proving that you’re you. As hotels, retail banks and other consumer-facing businesses discover and adopt this technology, I don’t see a return to analog verification models.”
To date, the firm has verified the identities of nearly 3 million individuals worldwide and serves more than 150 companies in numerous verticals, including banking, FinTech, healthcare, telemedicine, legal, car rentals, travel/hotel, ecommerce, art purchasing, wire transfers, and employment recruiting and screening. Vouched’s management team and investors—including leading digital tech entrepreneur Darrell Cavens, with added support from Mark Vadon, Bankers Healthcare Group, and Professional Bank—now recognize the potential to verify hundreds of millions of citizen identities globally.
“We brought together a dynamic array of innovators and investors,” said Baird. “Darrell and Mark are legendary industry disruptors and builders. Our strategic partners in banking and law will likewise be crucial partners in our effort to accelerate Vouched’s worldwide identity platform: banking, because it powers all economic activity and relies upon identity for every transaction, and legal, because it defines identity.”