Mumbai-based IDfy to use US$27M in funding for biometrics expansion, development

IDfy, an identity verification, biometrics and risk assessment platform based in Mumbai, has secured a US$27 million (approximately 2.2 billion Indian rupees) investment, in a mix of primary and secondary funding from Elev8 Venture Partners, Tenacity Ventures and other affiliates, The Economic Times reports.

IDfy says the funds are a validation of the company’s work in KYC/KYB, employee background verification, risk and fraud mitigation, digital onboarding and privacy. Its software portfolio includes face biometrics, document data extraction and database checks. …

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