The debt facility will enable IDnow to leverage its existing identity platform. The company intends to use the capital to scale investments across a range of strategic initiatives, including the introduction of new identity proofing solutions, continued geographic expansion, and potential acquisitions.
Company officials stated that this financing facility caps a string of commercial objectives that continue to propel IDnow’s growth. The facility will allow them to continue investments in their growth areas. BlackRock is a great partner for IDnow going forward.The investment and their future plans track with a long-term strategy that has been in place since 2021 when IDnow set in motion several product expansions.
The company augmented its platform with AML screening and monitoring in July 2021, and this feature enables a combined screening of users against certain global watchlists to make a risk assessment and to avoid violating various sanctions. The solution is able to screen a person’s identity against PEP (politically exposed person) lists, sanctions lists, global watchlists and adverse media at regular and self-selected time intervals. It allows the IDnow platform to monitor thousands of AML lists concurrently and in real-time.
Sticking to AML, the company has also launched video identifications in the same year. Users can use the service to perform non-automated identity verification procedures at any time due to the overnight operation, while being AML-compliant.
IDnow was founded in 2014 in Germany and offers a suite of identity proofing solutions addressing a wide range of use cases from low to high assurance levels. IDnow serves over 900 enterprise customers across multiple verticals with coverage of 195 countries.
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