Identity platform IDfy secures $27 million, plans to further Asia footprint

Mumbai-based identity verification and digital onboarding platform IDfy on Wednesday said that the company has raised $27 million in a mix of primary and secondary fundraise from Elev8 Venture Partners, KB Investment and Tenacity Ventures.

The company said the funds will boost their expansion plans and product development, enabling them to serve even more businesses.

Founded in 2011 by Ashok Hariharan and Vineet Jawa, IDfy offers solutions for know-your-customer (KYC), know-your-business (KYB), employee background verification, risk and fraud mitigation, digital onboarding and digital privacy. It counts among its clients HDFC Bank, Axis Bank, Zomato, PhonePe, Paytm, HUL and American Express.