IDnow, a German provider of identity verification-as-a-service products, has received €15 million from the European Investment Bank. The financing, provided under the Investment Plan for Europe, will support the startup’s research and development as well as international expansion. “We are investing in a safer online business environment, an objective of our digital finance strategy,” says European Commissioner for the Economy, Paolo Gentiloni. The Munich-based company has built a platform that handles remote auto and video identification and electronic signature services, ensuring users comply with know your customer (KYC) and anti-money laundering (AML) regulations. Just a few months ago, IDnow acquired Wirecard Communication Services to bolster its customer service team. Last year the company landed $40 million in a round led by Corsair Capital.
Photo: IDnow founders