Evrotrust raises EUR 3.3 million in new funding

Wednesday 7 February 2024 08:34 CET | News

Bulgaria-based Evrotrust has announced that it raised EUR 3.3 million from existing clients and private equity fund Silverline Capital


The fund injection follows Evrotrust’s electronic identification scheme (eID) being recognised as a notified scheme and listed in the Official Journal of the European Communities in August 2023. As per the information detailed in the press release, the funding solidifies Evrotrust’s position as a participant in the European digital identity market.

Bulgaria-based Evrotrust has announced that it raised EUR 3.3 million from existing clients and private equity fund Silverline Capital.

Evrotrust’s development strategy

Currently, Evrotrust’s services are leveraged by over 1.3 million users across 58 countries, and 150 enterprises from 11 countries. With the newly added funds, the company intends to increase its international expansion and support the development of a new product, a digital identity wallet for citizens globally. The wallet is set to store personal documents, including identity cards, educational diplomas, and driving licences, aiming to ensure enhanced security and privacy for users while assisting the interoperability with various EU and US digital infrastructures.

According to Evrotrust’s officials, the investment intends to forward the company’s international development strategy and support it in entering additional markets. The company focuses on solving issues in the tech sector while improving the overall digital and offline identity use, aligning with the dynamic needs and requirements of the current economy. Silverline’s assistance intends to enable accelerated growth for Evrotrust, with the funding following a time when the digital identity landscape is on a continuous change pattern, especially with the upcoming eIDAS 2.0 regulation. The company also plans to increase its team by hiring executives across Europe to support its objectives.

Furthermore, as a digital identity verification provider, Evrotrust aims to help businesses and governments digitally improve their processes and develop sustainable digital channels. With its platform, the company offers an end-to-end solution for reusable electronic identification and signing with certificates that allow users to remotely participate in the economy leveraging their smartphone. Some of Evrotrust’s main solutions include e-Identification, Electronic Signature, e-Delivery, and e-Timestamp, as well as validation, e-Seals, Website Authentication, and Preservation. The company’s solutions are leveraged by companies operating in several industries such as financial services, telecom, public services, and education. Financial services providers can use Evrotrust’s services to onboard new customers and manage their ongoing account activity as they navigate global and regional compliance regulations with its Know Your Customer (KYC) and Know Your Business (KYB) solutions and qualified electronic signatures.

Evrotrust aims to support its customers in growing their digital footprint while staying compliant with regulatory requirements, with the company providing solutions that meet KYC needs. Additionally, it focuses on simplifying, digitalising, and automating user onboarding, with companies being able to verify their users in a short amount of time, regardless of country and language.

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Keywords: investment, funding, online security, KYC, KYB, identity verification
Categories: Fraud & Financial Crime
Companies: Evrotrust
Countries: Europe
This article is part of category

Fraud & Financial Crime


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