iProov announces $70million in funding

One of the leading companies in the biometric industry, iProov, recently announced a $70 million investment from Sumeru Equity Partners to fund growth. With the continuing COVID pandemic speeding up the shift to digital, the need to verify the identity of customers and staff remotely has significantly grown.

Companies like iProov are attempting to position themselves to take advantage of these developments and offer innovative identity solutions that provide a frictionless experience for users. Banks, medical firms and governments around the world use iProov services for everything from accessing sensitive health data, opening a bank account and applying to university.

This is not the first investment iProov have received, with the firm also gaining an undisclosed amount in Series A round funding in 2019. From 2020 to 2021, iProov tripled its revenues and there were multiple days in 2021 where they processed more than 1 million verifications, illustrating the strong growth they have achieved.

According to Andrew Bud, Founder and CEO of iProov, this major investment by such a prominent growth fund shows the strong position iProov has reached. “Our potential is enormous and we now have the resources to scale in the United States and worldwide. Our strong balance sheet will give our customers and partners confidence in our long-term ability to keep them and their customers secure,” Bud explained in a blog post.

Some of the world’s most high profile government departments and banks use the services offered by iProov, including the U.S. Department of Homeland Security, the UK Home Office, the Australian Taxation Office and Rabobank.

The Silicon Valley-based identity verification provider is expected to use this funding to expand their leadership team and attract new customers. Top-tier staff will also be brought on board to ensure innovation is able to be focused on by the firm.