Incode, the next generation identity verification and authentication platform for enterprises in the world, today announced a $25M Series A funding round, led by DN Capital and 3L Capital, with participation from Framework Ventures, Walter Ventures, FJ Labs, and DILA Capital.
The funds will be used to scale Incode’s technology as well as fuel aggressive growth in North America and Europe, including an expected tripling of headcount.
Incode's unmatched breadth of 60 proprietary features enable businesses across the financial services, marketplaces, hospitality, healthcare and cryptocurrency industries to use a single platform for all their identity needs, from digital onboarding and know-your-customer (KYC) to omnichannel authentication and more.
Unlike competitors who sub-license software to address customer needs, Incode spent six years building proprietary algorithms and core technology to perfect the user experience and security performance. Similar to direct-to-consumer businesses, which cut out the middleman and share savings with the customer, Incode circumvents third-party licensing fees and delivers the platform to clients at an attractive price point. Incode is the one-stop shop to build powerful identity flows through lightweight SDKs and APIs that outperform every competitor in security, user experience and enterprise configurability.
The majority of legacy companies in the identity space have traditionally used humans to solve some of the more complex identity issues. Incode is an AI-powered technology company that uses no humans for onboarding and authentication processes, resulting in consistent, accurate and immediate identification results for its customers with 95% conversion and industry defining fraud rates.
Ricardo Amper, CEO and Founder, Incode Technologies, said: “Over the past few years and accelerated by the Covid-19 crisis, consumer expectations regarding digital identity have shifted dramatically. Self-service, contactless experiences are the preferred channel for everything from opening a bank account to checking into a hotel room. Incode is reinventing the way humans verify their identity and interact with companies’ systems, with a highly secure, frictionless AI based experience, that works across channels.”
Incode works with several of the largest financial institutions and marketplace companies in the world and also counts the federal government as a client. The company worked hand-in-hand with these organizations to co-develop its robust identity platform to address some of the most complex challenges enterprises face in the identity space. This led to a world-class identity platform as ranked by NIST, and the first ever iBeta certified passive liveness solution in the market.
Thomas Rubens, Partner, DN Capital, said: “Incode is the most innovative biometric identity technology we've seen in the market. Their advanced AI platform, user-friendly and enterprise-ready workflow have enabled them to meet the extremely complex needs of some of the largest companies in the world. Incode is DN Capital's largest series A investment to date. The explosive adoption of their technology and the market opportunity made it an easy decision to partner with them during this next phase of growth.”
Paige Thacher, Principal, 3L Capital, said: “Incode’s platform is built to serve businesses operating in the physical and digital worlds with a holistic identity verification platform capable of tying a consumer’s offline and online identity together. While omnichannel capabilities are as critical for IDV as they are for payments, Incode is one of few players positioned to compete on that basis. We’re excited by the innovation that Incode is driving in the identity space.”
In the last 12 months, Incode’s revenue and customer base have grown 4x year-over-year, adding major financial institutions and marketplaces across North America and Latin America. Today only 8 percent of financial service onboarding applications, including personal account opening creation, can be completed remotely. By leveraging Incode’s platform, financial services companies typically see acceptance rates double, enhanced customer experience and reduced operational costs.
Headquartered in Silicon Valley, the team is building technology to streamline the enterprise experience for all customers, with world-class accuracy and speed.