No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • CCI Magazine
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
    • Great Women in Compliance
    • Unless: The Podcast (Hemma Lomax)
  • Research
  • Webinars
  • Events
  • Subscribe
Jump to a Section
  • At the Office
    • Ethics
    • HR Compliance
    • Leadership & Career
    • Well-Being at Work
  • Compliance & Risk
    • Compliance
    • FCPA
    • Fraud
    • Risk
  • Finserv & Audit
    • Financial Services
    • Internal Audit
  • Governance
    • ESG
    • Getting Governance Right
  • Infosec
    • Cybersecurity
    • Data Privacy
  • Opinion
    • Adam Balfour
    • Jim DeLoach
    • Mary Shirley
    • Yan Tougas
No Result
View All Result
Corporate Compliance Insights
Home Featured

Estonian Identity Verification Service Veriff Raises $69M in Series B Led by IVP and Accel

Company Develops IDV and KYC Solutions for a Broad Range of Online Functions

by Henry Kronk
April 13, 2021
in Featured, GRC Vendor News
Estonian Identity Verification Service Veriff Raises $69M in Series B Led by IVP and Accel

Veriff’s IDV and KYC services cross-reference users against government-issued IDs from 190 countries. The company experienced 600 percent revenue growth in 2020.

Veriff has raised a Series B funding round worth $69 million. The coronavirus pandemic has spurred strong demand for remote identity verification, and the company says it plans to use the funds to continue to scale its operations in the U.S. as well as build out further ID verification capabilities.

The round was led by IVP and Accel. As part of the deal, Jules Maltz of the former and Matt Weigand of the latter will join Veriff’s board. Veriff has raised a total of $92.8 million in funding to date.

“At Veriff, we are building trust and transparency in the online world, and our round marks the highest Series B amount raised to date in the IDV market, putting us one step closer to eliminating widespread identity fraud while helping businesses grow and go digital,” said Founder and CEO Kaarel Kotkas, in a statement. “Veriff is considered a ‘secret weapon’ to fight against fraud and solve the hassle of online identity verification. Now backed by top investors in the world, we look forward to partnering up with more companies to solve their identity verification challenges and work towards bringing more trust online.”

Read More About the Regulatory Landscape of Facial Recognition Technology in the Workplace

Inspired by the Ease of Fooling Online ID Verification Measures, Veriff Uses Hundreds of Data Points to Ensure Users Are Who They Say They Are

Kotkas says he was first inspired to enter the verification space when he was a teenager growing up in Estonia. Surrounded by farms in his youth, he noticed that the string used to tie hay bales did not biodegrade and caused a significant amount of litter. When he found biodegradable string online, he easily fooled the marketplace’s requirement that buyers be at least 18 years old.

Veriff co-founders Kaarel Kotkas and Janer Gorohhov.
Veriff co-founders Kaarel Kotkas and Janer Gorohhov.

Veriff develops identity verification technology that uses a range of methods to make sure users are who they say they are. Its products are designed for both internal company use and know-your-customer (KYC) purposes. These functions can combat fraud and money-laundering in a broad range of online activity.

By using AI and facial recognition systems, Veriff says it can cross-reference users with over 9,000 forms of government-issued ID from 190 different countries.

Veriff’s platform also includes background video-recording and machine-learning systems that help users verify themselves in poor lighting conditions.

In recent years, facial recognition technology has broadly come under fire for biases in some systems and their varying ability to correctly identify people of color. These concerns mostly apply to systems that verify people against a database of images, or one-to-many verification. When it comes to matching a user to their government-issued ID, known as one-to-one verification, AI systems tend to be as accurate as humans.

Rapid Growth in Online Identity Verification

The switch to remote work last year due to the coronavirus pandemic caused a quick rise in demand for online identify verification, or IDV.

Veriff says it tripled its customer base in 2020 and experienced 600 percent growth in annual revenue.

“In a world that is becoming increasingly remote and digital-first, every company needs a solution like Veriff to facilitate internet trust,” said IVP Partner Jules Maltz, in a statement. “Veriff is setting the standard for the IDV market, and we’re proud to support Kaarel Kotkas and team as they build a large, mission-driven company.”


Tags: Know Your Customer (KYC)
Previous Post

The Biden Administration Is Ramping Up Numerous Cross-Border Enforcements. Compliance Teams Should Take Note.

Next Post

ACA Group Announces ComplianceAlpha®2021 Q2

Henry Kronk

Henry Kronk

Henry Kronk headshotHenry Kronk is the former Managing Editor of Corporate Compliance Insights. His previous reporting has appeared in Exclaim!, the Burlington Free Press, International DJ, eLearning Inside and more. He produced the radio show Code Burst — an investigation into a coding bootcamp that sought to retrain out-of-work coal miners for jobs in tech — for CKUT 90.3 FM in Montreal.

Related Posts

robot reading book generated by ai

Teaching Machines to Spot What Matters

by Kevin Lee
April 8, 2025

How emerging technologies are transforming inefficient alert systems and reshaping financial crime prevention

news roundup

KYC Budgets Set to Rise as Firms Weigh AI

by Staff and Wire Reports
February 21, 2025

Gartner IDs top GenAI applications for legal departments

news roundup header image papers

‘Nuclear’ Court Verdicts Triple Since 2020

by Staff and Wire Reports
November 21, 2024

Only 17% of companies have organization-wide AI policies, asset managers losing investors due to slow onboarding

news roundup

Nearly 9 in 10 Companies Hiring Outside Cybersecurity Advisers

by Staff and Wire Reports
October 24, 2024

M&A dealmakers boost focus on due diligence, regulatory fines surge in third quarter

Next Post
ACA Group Announces ComplianceAlpha®2021 Q2

ACA Group Announces ComplianceAlpha®2021 Q2

No Result
View All Result

Privacy Policy | AI Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Research
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2025 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
No Result
View All Result
  • Home
  • About
    • About CCI
    • CCI Magazine
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
    • Great Women in Compliance
    • Unless: The Podcast (Hemma Lomax)
  • Research
  • Webinars
  • Events
  • Subscribe

© 2025 Corporate Compliance Insights