About the Fintech Business
Identiq is a privacy-friendly fraud prevention startup company that allows businesses and organizations to validate the identity of new customers through verifying payment details and viewing their activity on other sites that use Identiq’s fintech services. The fintech business does not share any sensitive information or private data.
Founded in 2019, the Israeli fintech startup company was formed on the idea of making online shopping and web browsing safer so that companies can verify user identities without sacrificing their customers’ personal data and privacy. In addition, the business created its proprietary Fully Anonymous Identity Resolution, or FAIR, Technology. Identiq’s FAIR Technology is a cryptographic technology that allows service users to ensure that the data they carry matches the data of other members, without ever sharing specific details or information between companies or with Identiq.
The fintech startup announced today that the business raised $47 million in a Series A financing round. Co-founders of Identiq shared a joint statement in regard to the company’s new financing, “...Digital identity is at the heart of all our online interactions. Consumers and companies alike need a solution that will enable them to move forward based on trust - and that’s exactly what we’ve created…”
This financing round for the business was led by Insight Partners and Entrée Capital, with additional investments from Amdocs and Sony Innovation Fund by IGV, among other existing investors. The fintech business plans to use this investment to grow the workforce for the startup company and scale up support for international customers.
About the Fraud Prevention Market
Identiq is part of a massive market that is only expected to grow as more and more services become online-oriented. In 2019, the global fraud detection and prevention market size was $24.62 billion and is expected to reach $89.94 billion by 2030 — CAGR 12.5%. In addition to these numbers, the authentication services market is projected to reach $1.61 billion by 2022.
A Google survey found that 52% of participants used the same password for multiple accounts, and 13% used the same password for all accounts. Furthermore, a report by Verizon found that 86% of data breaches were financially motivated. Whether it’s for personal or corporate fraud protection, services like Identiq can be extremely valuable in protecting data as the Internet becomes increasingly integrated into our everyday lives.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.