Berbix, a startup rising an “automated” id verification platform, instantly closed a $9 million funding spherical. A spokesperson knowledgeable VentureBeat the model new capital is being earmarked for employees and purchaser progress.
According to McKinsey, the “ID-verification-as-a-service” market will develop from $10 billion in 2017 to between $16 billion and $20 billion in 2022. This improve is pushed partly by an uptick in fraud. In 2017, 6.64% of U.S. consumers turned victims of id fraud. The following yr, the U.S. Federal Trade Commission estimated that such fraud prompted over $1 billion in losses.
Berbix was primarily based in 2018 by Steve Kirkham and Eric Levine, who beforehand led the assumption and safety workers at Airbnb. The agency claims it returns leads to seconds, on widespread, leveraging fake ID detection to flag unhealthy actors and potential criminals.
Berbix’s handoff perform taps clients’ smartphone cameras to seize footage, routinely rejecting poor-quality footage in precise time and detecting whether or not or not clients are actually in entrance of their models. The platform exposes fraud alerts by granular ID flags which may be mapped to desired outcomes — e.g., accept, reject, or flag for analysis — based totally on custom-made enterprise logic, and it supplies a hosted transaction motion that generates distinctive hyperlinks manually when a shopper have to be reverified.
Berbix prompts all end clients to validate their id by ID checks and selfie matches. In the background, the platform validates the authenticity of id paperwork and performs a biometric comparability between the face on the image ID and the selfie. The agency supplies an SDK for the net and mobile apps, as well as to API libraries in a variety of languages. In addition, it provides a mobile ID decision which will resolve ID authenticity by a barcode scan.
Other corporations occupying the virtually $22.68 billion id verification home embody San Francisco-based Checkr, which raised $100 million in April 2018. Microsoft led a $10 million funding spherical in Trusona, a startup working to verify that net clients are who they’re saying they’re. Meanwhile, Socure and OneLogin earlier this yr raised $30 million and $100 million, respectively.
Mayfield led Berbix’s sequence A spherical, with participation from present merchants, collectively with Initialized Capital, Y Combinator, and Fika Ventures. The spherical brings the company’s full raised to over $10 million.