The identification verification house has been heating up for some time and the COVID-19 pandemic has handiest speeded up call for with extra other people transacting on-line.
Personality, a startup fascinated about developing a customized identification verification revel in “for any use case,” targets to distinguish itself in an an increasing number of crowded house. And traders are banking at the San Francisco-based corporate’s skill to assist companies customise the identification verification procedure — and past — by the use of its no-code platform within the type of a $50 million Collection B investment spherical.
Index Ventures led the financing, which additionally integrated participation from present backer Coatue Control. In overdue January 2020, Personality raised $17.5 million in a Collection A spherical. The corporate declined to expose at which valuation this newest spherical was once raised.
Companies and organizations can get admission to Personality’s platform by the use of an API, which allows them to use various paperwork, from government-issued IDs thru to biometrics, to make sure that buyers are who they are saying they’re. The corporate desires to make it more uncomplicated for organizations to put into effect extra watertight strategies according to third-party documentation, real-time analysis comparable to are living selfie assessments and AI to make sure customers.
Personality’s platform additionally collects passive indicators comparable to a consumer’s instrument, location, and behavioral indicators to supply a extra holistic view of a consumer’s possibility profile. It gives a low code and no code choice relying at the wishes of the client.
The corporate’s momentum is mirrored in its expansion numbers. The startup’s income has surged via “greater than 10 instances” whilst its buyer base has climbed via 5 instances during the last 12 months, in step with co-founder and CEO Rick Music, who didn’t supply onerous income numbers. In the meantime, Personality’s headcount has greater than tripled to only over 50 other people.
“Once we glance again on the house 5 to ten years in the past, AI was once the following differentiation and each identification verification corporate is doing AI and gadget finding out,” Music advised TechCrunch. “We consider the following large differentiator is extra about tailoring and personalizing the revel in for people.”
As such, Music believes that expansion will also be at once tied to Personality’s skill to assist corporations with “distinctive” use instances with a SaaS platform that calls for little to no code and now not as a lot heavy lifting from their engineering groups. Its finish function, in the end, is to assist companies deter fraud, keep compliant and construct consider and protection whilst making it more uncomplicated for them to customise the verification procedure to their wishes. Shoppers span various industries, and come with Sq., Robinhood, Sonder, Brex, Udemy, Gusto, BlockFi and AngelList, amongst others.
“The tactic what you are promoting wishes for identification verification and control goes to be totally other in case you’re a shuttle corporate verifying visitors as opposed to a supply provider onboarding new couriers as opposed to a crypto corporate granting get admission to to consumer price range,” Music added. “Even companies inside of the similar trade will have to tailor the identification verification revel in to every buyer in the event that they wish to stand out.”
For Music, every other factor that is helping Personality stand out is its skill to assist shoppers past the sign-on and verification procedure.
“We’ve constructed an identification infrastructure as a result of we don’t simply assist companies at a unmarried time limit, however relatively all over all of the lifecycle of a courting,” he advised TechCrunch.
In reality, a lot of the corporate’s expansion final 12 months got here within the type of present shoppers discovering new use instances inside the platform along with new shoppers signing on, Music stated.
“We’ve been staring at present shoppers uncover extra techniques to make use of Personality. As an example, we had been running with a few of our buyer base on a unmarried use case and now we may well be running with them on 10 other issues — any place from account opening to a nasty actor investigation to account restoration and the rest in between,” he added. “In order that has almost definitely been the most important motive force of our expansion.”
Index Ventures Spouse Mark Goldberg, who’s taking a seat on Personality’s board as a part of the financing, stated he was once inspired via the selection of corporations in Index’s personal portfolio that raved about Personality.
“We’ve had our antennas up for a very long time on this house,” he advised TechCrunch. “We began to look actually speedy adoption of Personality inside the Index portfolio and there was once the sense of crucial and really consumer pleasant instrument, which hadn’t actually existed within the class ahead of.”
Its personalization functions and construction block-based method too, Goldberg stated, makes it interesting to a broader pool of customers.
“The truth is there’s such a lot of techniques to make sure a consumer is who they are saying they’re or now not on the net, and in case you give other people the versatility to design the suitable trail to get to a sure or no, you’ll be able to simply get to a significantly better consequence,” he stated. “That was once probably the most issues we heard — that the use instances weren’t like off the rack, and I believe that has actually resonated in a time the place other people need and be expecting the facility to customise.”
Personality plans to make use of its new capital to develop its staff every other twofold via 12 months’s finish to toughen its expansion and proceed scaling the industry.
In fresh months, different corporations within the house that experience raised large rounds come with Socure and Sift.