Munich-based identity proofing and digital identity provider, IDnow has secured a new debt facility worth €60 million from BlackRock. The new funding will enable the startup to scale investments across a range of strategic initiatives, including the introduction of new identity proofing solutions, geographic expansion, and potential acquisitions.
The identity verification-as-a-service company had received €15 million from the European Investment Bank in 2020.
Founded in 2014, the German platform aims to make the connected world a safer place and offers a comprehensive suite of identity proofing solutions addressing a wide range of mission-critical use cases from low to high assurance levels. Ranging from automated to human-assisted, from purely online to point-of-sale, the identity proofing methods are optimised to assure security standards with maximum user conversion.
IDnow serves over 900 sector-leading enterprise customers across multiple verticals with coverage of 195 countries.
Andreas Bodczek, CEO of IDnow said: “Securing this debt facility from BlackRock reflects their high confidence in the strength of our business. The funding comes at the perfect time for IDnow to continue driving our ambitious growth strategy.”
Joe Lichtenberger, CFO of IDnow added: “This financing facility caps a string of commercial successes that continue to propel IDnow’s strong growth. The facility will allow us to continue investments in our growth areas.”