Vouched announces $3 million funding round led by Flying Fish Partners

By Edil Corneille

Seattle-based Vouched, a developer of proprietary artificial intelligence and computer vision for end-to-end identity verification and real-time fraud detection, announced a $3 million funding round. Led by Flying Fish Partners, the round will further accelerate the growth of Vouched’s identity proofing platform across the banking, FinTech and healthcare verticals.

“Flying Fish invests in applications of artificial intelligence that enable the fundamentals of the digital future,” said Flying Fish Partners Venture Partner Vanessa Pegueros. “Vouched is creating a seamless, worldwide identity verification platform to provide access to life’s services, from the most critical like banking, healthcare, and benefits, to the conveniences of every day.”

Bankers Healthcare Group (BHG), a provider of financial solutions for licensed healthcare practitioners and other highly skilled professionals, also participated.

BHG will aggressively bring Vouched into banking to offer new services to the nearly 1,200 members of the BHG Bank Network, as well as its partners in the hospital, ambulatory surgery centre and healthcare provider verticals.

“Vouched was founded to provide rapid, secure and seamless identity proofing for the next generation of digital activities,” said Vouched Co-founder and CEO John Baird. “The ability to see a person and verify their identity online is required for complex regulated activities such as Know Your Customer (KYC) in banking and the rise of Know Your Patient (KYP) in healthcare and telemedicine. Increasingly, security-sensitive transactions such as peer-to-peer sharing of expensive goods like motorcycles, cars and RVs also depend on identity verification. We are helping to meet those growing needs.”

“In today’s environment, a digital identity verification process is critical to maintain the safety of our borrowers without compromising our promise to deliver a funding experience built on service, speed, and efficiency,” said Tyler Crawford, COO of Bankers Healthcare Group. “There’s great synergy between BHG and Vouched. We’re excited to invest in a best-in-class technology service that we can bring to our nationwide network of community banks and healthcare partners looking to improve efficiency while reducing risk.”

Vouched serves hospital and healthcare organizations, banks and FinTechs, as well as e-commerce and gig and sharing businesses. The ability of Vouched technology to verify identities in real-world circumstances, even when images may not be ideal, is helping clients across those sectors. Vouched also quickly learns new IDs and adapts to a variety of business use cases, contributing to the rapid growth of Vouched’s customer base.

Further, the latest funding round will allow Vouched to move into the European market. Europe’s expanding regulations and compliance requirements, such as Payment Services Directive (PSD2) and new Anti-Money Laundering (AML) rules for the purchase of goods such as artwork, are creating an increased demand for Vouched services across verticals throughout Europe.