New York-based investor Corsair Capital is investing $40 million in IDnow. The Munich-based fintech startup now plans to open offices in France and the UK.
IDnow verifies users' identities online when concluding contracts such as opening an account. Founded in 2014, the company's 250 customers include Bank of Scotland, BNP Paribas, Commerzbank, Sixt, Telefonica Deutschland, UBS, Western Union, Wirecard, N26, Smava, and Wefox.
The Munich-based company plans to use the fresh capital to expand its product range and gain additional market share in Europe. To this end, the company is opening new offices in France and Great Britain. Andreas Bodczek, CEO of IDnow, says:
"We are proud to have Corsair as a long-term partner and look forward to benefiting from their deep industry experience and strong global network. IDnow is well positioned to gain greater market share in Europe and beyond. We will continue to lead the way in the ever-growing field of digital identity verification."
“IDnow is excellently positioned”
"We are pleased to invest in IDnow and will work with the management team to drive the next phase of growth. The digitalization of various financial transactions and processes presents new challenges,"
says Raja Hadji-Touma, Managing Director of Corsair Capital.
“IDnow is uniquely positioned to offer innovative and effective solutions that meet the urgent digital security and anti-fraud needs of the European market and beyond.”
The investor, headquartered in New York, specializes in fintech startups and, according to its own statements, focuses on the areas of asset management, payment services and financial technology, banking and specialty finance, as well as the insurance industry.
