Venevo selects iDenfy for safe and compliant crowdlending solutions

iDenfy's identity verification software, along with its integrated AML screening tools, is set to facilitate the swift approval of new entrepreneurs and investors on the Venevo platform, ensuring an automated onboarding process.

Financial irregularities exceeded EUR 1.2 billion across the EU 

Recent statistics from the European Anti-Fraud Office indicate that financial irregularities surpassed EUR 1.2 billion across EU member states in 2024, highlighting the pressing demand for reliable and efficient identity verification solutions. iDenfy representatives have indicated that the rise of generative AI fraud, along with advanced techniques for counterfeiting identity documents, has opened new avenues for criminals seeking to circumvent Know Your Customer (KYC) checks through deepfakes and other deceptive methods.

Recognising the security challenges involved, Venevo aimed to collaborate with a reliable KYC/AML service provider with the expertise to assist the growing startup in creating a completely automated customer onboarding process. Venevo operates as a platform under the oversight of the European Securities and Markets Authority (ESMA) and Romania’s Financial Supervisory Authority (ASF), connecting entrepreneurs with investors to facilitate funding for innovative projects of up to EUR 5 million each year.

iDenfy’s technology can recognize over 3,000 identity document types from more than 200 countries, supported by advanced biometric facial recognition and 3D liveness detection to prevent fraud. The company’s AML services conduct real-time checks against global sanctions and watchlists to screen users for risks, ensuring ongoing compliance with regulatory changes.