NEW YORK & BERLIN – (BUSINESS WIRE) – December 8, 2021–
Passbase, the identity verification infrastructure company, today announced $ 10 million in Series A, plus a previously unannounced $ 3.5 million Seed-2. The round was led by Costanoa Ventures, with the participation of Lakestar, Eniac Ventures and Cowboy Ventures. The startup will use this capital injection to scale its product suite and simplify policy management for cryptocurrencies, fintech and other companies using Passbase for identity verification services to meet rapidly changing global compliance requirements.
In the last year, Passbase has increased revenue 8x by helping businesses solve their digital identity verification challenges in a compliant, privacy-oriented, and user-centric way. Its intuitive verification flow and back office compliance tools solve organizations’ regulatory needs for AML, KYC, and age restrictions, while allowing teams to manage branded and automated verification flows around the world. Your developer-first product can be integrated in as little as 30 minutes and covers more than 6,000 IDs in 190 countries and 15 languages.
The global identity verification market is expected to grow to $ 21.9 billion by 2026 at a CAGR of 37.29%, according to a recent Market Research Future report highlighting the growing importance of digital verification in the wake of COVID-19. The regulatory crackdown in major markets is expected to further fuel the need for industry and geographically specific KYC solutions. For example, only in the cryptocurrency sector has there been a wave of regulatory updates, such as the FATF Travel Rule, FinCEN’s proposal to regulate cryptocurrency with KYC checks, and the EU’s sixth AMLD.
“Passbase offers a novel approach to solving the critical problem in a market where there is almost unlimited demand,” said Greg Sands of Costanoa Ventures. “The team’s technical prowess combined with their impressive progress really sets them apart.”
With this latest round of funding, Passbase will scale your team and operations and create the first robust policy and workflow manager to stand on top of your identity verification service. This feature will help companies at scale to keep up with increasingly complex regulations and to enter new markets and countries more quickly. Passbase’s new industry-specific policy templates, combined with its existing privacy-centric infrastructure, will ease the burden on businesses as they navigate compliance, security, and privacy around the world.
Passbase was developed as a pivot from the origins of the company as a cryptocurrency wallet, Coinance. That is why the need for digital identity as a service for crypto and fintech is ingrained in the DNA of the company. “We created Passbase to solve our own problem in 2018 to allow users to manage their digital identities on different cryptocurrency platforms in a compatible way,” says Dave McGibbon, CEO and co-founder of Passbase. “This round of funding brings us one step closer to being the trusted identity solution for web3 companies like Coinance. This is just the beginning for us as we pursue our vision of becoming a digital identity infrastructure that enables web3 companies to comply with regulations and return control of digital identity to people. “
Passbase provides an identity verification infrastructure that helps businesses solve their KYC needs in a compliant, privacy-oriented, and user-centric way. Its highly customizable, developer-friendly tools and flexible pricing allow companies to incorporate identity verification, AML compliance, and age verification into their products. By building a trusted infrastructure for the Internet, Passbase keeps businesses compliant and secure, and end users safe.
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