IDnow, a leading provider of Identity Verification-as-a-Service ("IVAAS") solutions, today announced a $40 million growth equity investment from Corsair Capital LLC ("Corsair"), one of the longest-standing private equity firms focused on the financial and business services industries.
The announcement comes just a few months after the founders of IDnow appointed a highly accomplished senior management team to jointly pursue an international growth strategy.
IDnow builds world-class, AI-powered identity verification technologies that address the cybersecurity and digital verification needs of global enterprises by combining seamless, online-only infrastructure with a strong level of security and identity fraud prevention. Founded in 2014, IDnow has grown and integrated its portfolio of identity products onto a single platform, serving as a highly effective solution across different sectors and jurisdictions. Corsair's investment will support IDnow as it expands its product range and captures greater market share throughout Europe, with immediate plans to open new offices in France and the UK.
Andreas Bodczek, CEO of IDnow, commented: "We are thrilled to have Corsair as a long-term partner and look forward to benefitting from the firm's deep sector experience and strong global network. IDnow is well-positioned to capture greater market share in Europe and beyond, as we continue to lead the way in the growing digital identity verification space."
Raja Hadji-Touma, Partner at Corsair Capital, said: "We are delighted to invest in IDnow and look forward to partnering with its management team to drive its next phase of growth. Our investment is the result of a thematic focus on businesses that address new requirements arising from the digitalization of many financial transactions and processes, such as security. IDnow is well positioned to provide innovative and effective solutions addressing pressing digital security and fraud prevention needs across the European market and beyond."
Following closing of the transaction, Raja Hadji-Touma and Edward Wertheim, Principal at Corsair, will join the IDnow board of directors.