Identity verification firm Veridu closes £800,000 seed round
Force Over Mass Capital has backed London-based start-up which helps online merchants avoid fraudulent accounts
London-based identity verification start-up Veridu has raised £800,000 in seed funding from Force Over Mass Capital, Knightsbridge Executive Services, and Belgian Callataÿ & Wouters Ventures.
Founded in 2012, the business provides a range of identity verification tools that integrate with online marketplaces to reduce fraud for merchants by rating the trustworthiness of an online profile.
Revenue is generated using a tiered subscription that charges for every attribute verified, such as age. Veridu is targeting payments solutions and services that want to improve their trust and keep users safe.
The capital will be used to allow the company to hire data scientists and statisticians as it seeks to grow and facilitate a planned Series A round.
Rasmus Groth, co-founder and CEO, commented: “We help companies across a wide range of industries, from payments providers through to the sharing economy, improve user experience by removing friction in transactions with reliable, off-the-shelf identity, insight and trust solutions based on digital signals.
“Our customers can benefit from an increase in transactions and a deeper understanding of their users leading to enhanced business growth.”