Veridu
closedIdentity verification solutions using digital footprints.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | €0.0 | round | |
| investor investor investor investor investor investor | €0.0 | round | |
| investor | €0.0 | round | |
* | N/A | Early VC | |
| Total Funding | 000k | ||
Veridu was a provider of identity verification solutions that utilized a user's digital footprint to establish authenticity. Founded in 2012 by Rasmus Groth, the company was initially based in Copenhagen, Denmark, before relocating to London. Veridu's core service involved combining machine learning, data from social networking sites, and other knowledge-based authentication tactics to verify the identity of web users. The technology aimed to reduce fraud and false positives in online transactions by assessing the credibility of a user's entire online network, offering a Single Sign-On service that simultaneously verified a profile's authenticity.
The company's primary clients included businesses in the payments, e-commerce, and sharing economy sectors. Veridu's platform was designed to help online businesses that struggled with traditional identity verification methods, particularly in emerging economies where official identity documents might be less common. By analyzing a user's consented social media profiles and online footprint, Veridu could generate a trust score, allowing merchants to authenticate users with more confidence. The business model focused on providing these verification services through widgets that could be integrated into a client's website or app for functions like single sign-on or transaction-point verification.
Throughout its operation, Veridu raised a total of $1.79 million over four funding rounds. Key investors included Force Over Mass, Worldpay, and Global Risk Technologies, along with angel investors Phillip McGriskin and Paul Townsend. A significant investment came from Worldpay in 2016, which aimed to add a layer of security for high-risk transactions. Despite its efforts and backing, Veridu is now reported as a deadpooled company.
Keywords: identity verification, digital footprint, fraud reduction, online authentication, social media verification, user verification, machine learning, single sign-on, risk management, payment security, e-commerce security, identity management, deadpooled, Rasmus Groth, Worldpay, Force Over Mass