iDenfy, best known for its identity verification and fraud prevention services, passed a new internal company record by partnering with 500 clients. The Lithuanian startup offers cybersecurity and compliance products for various industries, such as fintech, blockchain, online gaming, and e-commerce.
With the ever-changing compliance landscape and the alarming numbers of cybersecurity threats, the online world is in demand of secure biometric ID verification and AI-powered fraud prevention tools. According to iDenfy, its products and the triumph behind the crime-detecting services are not a coincidence but a result of hard work.
This year, the Lithuanian startup has already welcomed several new members to its IT, Marketing, and Sales teams. Last year, iDenfy’s team grew by 70% and developed 5 new Know Your Customer (KYC) and Fraud Prevention products.
iDenfy claims to aim for larger numbers by designing even more security products that could help other businesses detect fraud and prevent criminal activity, such as using stolen identities, money laundering, tax evasion, or terrorist financing. This is no surprise, as the market is in high demand due to stricter obligations to follow Anti-Money Laundering (AML) and KYC regulations.
According to the report by Thomson Reuters, 70% of compliance specialists expressed that the pandemic has increased the reliance on technology to improve risk management, decision-making, and performance monitoring. As per iDenfy’s CEO, Domantas Ciulde, this isn’t a surprise because most organizations nowadays choose to outsource automated fraud prevention and compliance tools for more efficient results.
iDenfy’s goal is to minimize costs and help businesses deal with crime more swiftly. According to company, part of the startup’s wide partners’ audience success comes due to the benefits that it brings to the table. From small enterprises to large-scale corporations, the Lithuanian startup’s mission’s to personalize its services based on every company’s needs. This way, the iDenfy attracts more partners and delivers a higher-quality service.
iDenfy states to maintain focus at its first business strategy stage, claiming to continue to upgrade and develop various fraud prevention tools. As of last year, the startup increased identity verification volumes globally by more than 3 times in different sectors. According to the company, the second part of iDenfy’s business strategy will pivot around attracting new investments to produce the best quality services for its partners.
Earlier this month, iDenfy launched customizable, revolutionary Know Your Business (KYB) services that have integrated fraud prevention tools and customer identity verification checks into a single platform.
According to the company, the new Business Verification platform has already attracted new clients and proved to be a useful tool for compliance officers: “We understand that Anti-Money Laundering managers need to screen and monitor their business partners against fraud more easily. That’s why our goal is to eliminate the unnecessary paperwork, risks of human error, and save time,” – explains iDenfy’s CEO.
iDenfy also plans to open a new office in London within the following months. The business plans to branch out and grow a bigger Sales team. According to Ciulde, iDenfy decided to settle in its first headquarters abroad due to the potential prospects in the fastly-evelving identity verification market.
Previously, iDenfy announced its partnerships with Nikulipe, Alternative Payments, Credex, and Bitholla. The Lithuanian startup will mark another important event this Summer, as iDenfy will celebrate its 5th birthday in August.
Release ID: 89076056
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