Passbase raises USD 13.5 mln in Series A

Friday 10 December 2021 10:58 CET | News

Germany-based Passbase has announced a USD 10 million Series A funding round, as well as unveiling a previously unannounced USD 3.5 million Seed-2 investment.

The company has plans to extend its suite of selfie biometrics and digital identity verification products for know your customer (KYC) checks and security. Both rounds were led by Costanoa Ventures, with participation from existing investors Lakestar, Eniac Ventures, and Cowboy Ventures.

Passbase will use the funds to scale its team and operations and create the first robust policy and workflow manager for its digital identity verification service. The Berlin-based company’s verification flow and back-office compliance tools can be integrated in roughly 30 minutes and can verify over 6,000 IDs issued by 190 countries and in 15 languages.

Passbase was first established as a cryptocurrency wallet. It then evolved to use public key cryptography, face biometric authentication, and machine intelligence to verify digital identities and provide compliance services.

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Keywords: funding, KYC, digital identity, digital onboarding
Categories: Fraud & Financial Crime
Countries: Germany
This article is part of category

Fraud & Financial Crime