IDnow, German provider of Identity Verification-as-a-Service (IVAAS), has raised a $40 million funding round from Corsair Capital.

The Munich-based tech company develops AI-powered identity verification solutions for enterprise businesses. Since its founding in 2014, IDnow has integrated its several security products onto a single platform, which can serve various sectors and jurisdictions. The platform allows clients to customize the identity flow to different regional, legal and business requirements on a per-use case basis.

The fresh funding will allow IDnow to continue to expand its product range and to expand its business operations, with plans to open new offices in France and the UK already in the works.

Andreas Bodczek, CEO of IDnow, commented: “We are thrilled to have Corsair as a long-term partner and look forward to benefiting 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, a partner at Corsair who will join IDnow’s board, 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 the digital revolution transforming the financial industry. The business is well positioned to provide innovative and effective solutions addressing pressing digital security and fraud prevention needs across the European market and beyond.”

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