[Funding alert] MetaMap raises $70M in Series B round, plans to increase India headcount
San Francisco, US-headquartered reputation and digital trust management platform, previously called Mati, announced that it has raised $70 million in a Series B round of funding led by Tribe Capital.
The round saw participation from Craft Ventures, Alameda Research, Titan Capital, and prominent angel investors including Jerry Murdock of Insight Partners.
This brings the total capital raised by the company to $84.34 million.
MetaMap will utilise the capital for product development and international expansion, it said in a statement. It plans on building its flagship tech hub in India, increasing its headcount to 150 people over a year.
At present, the startup employs over 30 people in India across offices in Bengaluru, and Gurugram. It will also onboard Indian fintechs, marketplaces, and crypto exchanges as customers during 2022, it said in the statement.
“Digital invisibility is a widespread problem for much of the world’s populations, particularly in emerging economies, where many regions do not have credit bureaus or digital proofs of address or income,” said Filip Victor, Founder and CEO of MetaMap, in the statement.
He further added, “By connecting fragmented databases that contain dozens of trust and reputation footprints and building easy-to-use API integrations that service providers businesses and, soon, consumers can tap into, we hope to shine a digital light on the areas of the human map that were previously inaccessible.”
Founded in 2017 by Filip Victor and Amaury Soviche, MetaMap works with digital economy companies ranging from ecommerce, cryptocurrency, and gig work, offering services such as fraud prevention, identity and financial verification and credential sourcing. The company works with over 370 customers globally, including the likes of Binance, Mercado Bitcoin, and Allianz.
It offers products across three buckets – compliance merits, financial merits and work merits – offering customer businesses with its tool and APIs to verify an individual’s details in these three areas.