[Funding alert] ID verification startup IDfy raises Rs 86 crore from TransUnion, Blume Ventures

IDfy, Mumbai-based ID verification and onboarding solutions company, on Thursday, announced that it has raised an investment of Rs 86 crore in its series D round of funding led by TransUnion and Blume Ventures.

IDfy, in a statement, said it plans to use this funding to strengthen its product offerings and expand its business and operations. The company is growing its business internationally. During the last six months, IDfy has been helping companies in South East Asia and the Middle East onboard verified merchants and customers in sectors like payments, e-commerce, and mobility.

According to the startup, organisations use its artificial intelligence (AI)-based platform to automate and streamline employee and merchant onboarding as well as conduct the KYC process.

Ashok Hariharan, Founder and CEO, IDfy, said, “A billion more people globally are expected to enter the formal economy over the next five years. Our partnership with TransUnion gives us the chance to drive this change at a global scale. Blume Ventures has believed in us from day one. We are happy to have their continued support in the next, most exciting phase of our journey.”

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Karthik Reddy, Managing Partner, Blume Ventures, added, “Accurate identification and verification of people is critical for our economy to progress as an estimated 400 million more Indians enter organised employment by 2025 and start accessing mainstream financial services.

The identity verification company was founded in 2011.

IDfy has performed more than 70 million verifications for over 500 clients and consistently ranks amongst Asia’s top five regulatory technology companies, the startup claims.