Indian identity verification and regtech platform IDfy has secured over $52 million (₹476 Cr) in its Series F funding round (18/02). The total capital comprises $24 million (₹220 Cr) in primary investment and $28 million (₹256 Cr) in secondary investment.

Neo Asset Management Leads Primary Investment

Neo Asset Management led the primary funding round. Repeat investors Blume Ventures, Analog Capital, Elev8 Venture Partners, Indiamart, and Kae Capital also participated in this round.

The secondary investment included TransUnion, Dream Incubator, angel investors, and contributions from current and former employees. According to the Economic Times, the secondary funds will provide liquidity for purchasing shares from employees and early investors.

Strategic Goals for Expansion and Innovation

IDfy’s LinkedIn statement said the new capital will “help us accelerate global expansion, invest in strategic acquisitions, and deepen innovation across our trust and privacy stack.” The fundraise is described as a “major milestone” in building out the company’s TrustStack suite, which includes digital onboarding, risk mitigation, and privacy governance solutions.

IDfy’s Growth and Client Reach

Founded in 2010, IDfy provides KYC, KYB, onboarding risk management, and privacy solutions. The platform claims to complete 2 million daily verifications for its 500 clients.

This latest funding follows a 2024 round in which IDfy raised $17 million from Indiamart, Elev8 Venture Partners, and others. According to Tracxn, the company has now raised a total of $62.7 million across 12 funding rounds.

PHOTO: IDFY

This article was created with AI assistance.

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