iDenfy

iDenfy operates as a comprehensive identity verification and fraud prevention platform, headquartered in Kaunas, Lithuania. The company was officially founded in 2017 by Domantas Ciulde and Gediminas Ratkevicius, who serve as CEO and Co-Founder/CTO respectively. The initial concept, however, originated in 2015 when Ciulde, then a general manager at a UK-based internet security firm, identified a pressing need for a reliable system to combat fraudulent transactions using stolen credit cards. This led to the development of a basic prototype focused on computer vision and machine learning, which, despite only recognizing Lithuanian passports initially, secured the first round of investment.

The firm offers an all-in-one RegTech (Regulatory Technology) solution designed to help businesses comply with Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering (AML) regulations. Its business model targets a wide array of clients, from startups to large enterprises, across various sectors including finance, fintech, gaming, internet, and retail. Revenue is generated primarily on a pay-per-successful-verification basis, a model where clients are only charged for successfully onboarded customers, reducing costs associated with failed or incomplete verifications.

The core of iDenfy's service is a multi-layered verification process that combines artificial intelligence with human oversight. The platform utilizes AI for biometric facial recognition, patented 3D liveness detection to thwart spoofing attempts, and Optical Character Recognition (OCR) to extract data from over 3,500 types of government-issued documents across more than 200 countries. This automated process is supplemented by a 24/7 in-house team of experts who manually review verifications to ensure high accuracy. In addition to identity verification, the company has expanded its product suite to include services like AML screening, fraud scoring, proxy detection, and a comprehensive KYB platform that analyzes business registries and other data points to validate corporate entities.

Significant milestones for iDenfy include receiving Lithuania's “Startup of The Year” award in 2018 and the Baltic Assembly Prize for innovation in 2021. The company reported substantial income growth of nearly 495% in 2019 and a sales revenue increase of 87% in the first half of 2021 compared to the same period in 2020. The COVID-19 pandemic accelerated the demand for digital services, which also led to a sharp increase in fraud attempts, with iDenfy noting that over 12% of identifications in 2020 were fraudulent, compared to 6% in 2019. Keywords: identity verification, fraud prevention, KYC compliance, AML screening, KYB solutions, biometric authentication, RegTech, liveness detection, document verification, customer onboarding, digital identity, fraud detection, compliance automation, financial services security, online payment security, risk management, identity proofing, user verification, identity and access management, anti-money laundering