European Investment Bank offers EUR 15 mln in funding to IDnow

Wednesday 9 December 2020 14:01 CET | News

The European Investment Bank (EIB) has announced that it will provide EUR 15 million of growth funding to the German identity verification platform IDnow.

IDnow is a player in remote auto and video identification and electronic signature services. This enables companies to acquire customers and manage transactions while complying with know your customer (KYC) and anti-money laundering (AML) regulations. The investment will primarily support IDnow's research and development (R&D) activities as well as its international growth.

This operation is part of the European Growth Finance Facility (EGFF), a product under the guarantee scheme of the European Fund for Strategic Investments (EFSI). The EGFF is designed to address quasi-equity gaps linked to structural market failures across the European Union in the provision of adequate risk capital to late-stage, venture-backed companies. European small and medium-sized enterprises (SMEs) can be helped by this initiative.

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Keywords: European Investment Bank, IDnow, KYC, AML, supply chain finance, research, EGFF, EFSI, European Union
Categories: Banking & Fintech
Countries: Europe
This article is part of category

Banking & Fintech