Veriff, a global identity verification provider, today announced significant momentum following an impressive 20x increase in verification volumes from the US in 2021. The growth derives from companies with a global user base as the demand for stronger ways to verify identity online continues to grow. This year’s growth was driven by emerging use cases as well as organic growth with existing customers.
The Global Identity Verification Market is expected to reach $21.9 billion by 2026, rising at a market growth rate of 37% each year according to Market Research Future.
“Identity verification goes far beyond just meeting KYC and AML regulations, it’s relevant for every business to operate and succeed online. As tech companies operate globally, they also need global ID verification capabilities. This is where Veriff holding the leading position and supporting more than 10,000 government issued IDs from over 190 countries enables businesses to scale globally,” said Kaarel Kotkas, founder and CEO of Veriff.
In 2021, the company also signed several gaming sector partnership agreements to verify users’ age and bring more trust and safety to the Metaverse. In addition to the growth in the gaming sector, Veriff increased verification volumes by 10X in the financial services sector in 2021 and is now the primary identity verification provider for 95 percent of its financial services customers.
Veriff continues to build its team and customer base to serve the growing need for reliable IDV solutions among global customers, with hypergrowth in the U.S. market. Key 2021 momentum data points include:
- Raised $69 million in 2021 led by Accel and IVP bringing the total capital raised to date to $92.3 million, achieving the highest Series B raise to date in the IDV market.
- Increased verification volumes globally by more than 8X and in the U.S. by 20X in 2021.
- Grew customer count by 150% as marquee customers tapped Veriff’s technology to ensure trusted online identities on a global scale.
- Expanded global employee headcount by 40% and U.S. headcount by 120%. The company is still hiring extensively and internationally for continued hypergrowth in the coming year.
- Opened a new tech hub in Barcelona in November 2021, following office openings in New York and London. Veriff is proud of its international team of talent from more than 42 different nationalities.
- Hired senior-level talent for Veriff’s growing team including Byron Fehler, Senior Vice President of Commercial; Luke Govier, Head of Talent Acquisition; Duncan Steblyna, Vice President of Product; Amish Mody, CFO; Brian Krause, US Sales Director.
- Veriff has been on a hot streak with award wins in 2021, winning the Cybersecurity Breakthrough Awards for the Overall ID Management Solution of the Year, and the 2021 Global InfoSec Award for Next-Gen Fraud Prevention. Veriff was also shortlisted for the Payments Awards 2021 and CEO Kaarel Kotkas also won the 2021 Black Unicorn Award for Top 10 Cybersecurity Experts.
“With the rapid growth of the IDV market in the last year, I have witnessed several organizations sacrifice customer success for rapid short-term wins, but at Veriff we’re taking a different approach,” said Byron Fehler, SVP of Commercial at Veriff. “We’re focused on long-term, sustainable growth to ensure our customers are able to implement and utilize our technologies in multiple use cases seamlessly. I’m thrilled to be a part of the team of trusted experts for our customers at Veriff.”
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