Investment to fulfill world demand for digital identities and IdentityThoughts’s RegTech platform utilized in automation of compliance operations, danger administration, cryptocurrencies, ICOs and fraud prevention options
PALO ALTO, Calif.–(BUSINESS WIRE)–February 14, 2018–
IdentityThoughts Global, the chief in Digital Identities You Can Trust, right now introduced that it has closed a $10 million Series C spherical of financing. In addition to all present buyers, the spherical was co-led by Benhamou Global Ventures and Eastern Link Capital and included Hanna Ventures, Overstock.com, and Zanadu Capital Partners.
IdentityThoughts supplies a SaaS RegTech platform that builds, maintains and analyzes digital identities worldwide, permitting corporations to carry out identification proofing, risk-based authentication, regulatory identification, and to detect and stop identification fraud.
According to Garrett Gafke, President and CEO, IdentityThoughts Global, the new funds will likely be used to drive enlargement inside worldwide markets (Asia, Latin America and Europe), gross sales, advertising and marketing, and the corporate’s new enterprise unit particularly devoted to offering know your buyer (KYC) and anti-money laundering (AML) options to handle the regulatory and compliance necessities of the quickly rising Initial Coin Offering (ICO) and cryptocurrency markets.
“We really feel privileged to be working with an elite group of top of the range buyers who’ve a confirmed monitor file of success,” stated Gafke. “The market demand for digital identity-based options in right now’s world digital economic system is booming. IdentityThoughts, the pioneer in digital identities, with a whole bunch of consumers spanning six continents, is uniquely positioned to fulfill rising world market demand.”
Market analysis agency Frost & Sullivan estimates the worldwide RegTech market may attain $6.45 billion by 2020. IdentityThoughts’s platform – uniquely constructed upon digital identities – supplies AML, together with KYC, transaction monitoring, sanctions screening and fraud prevention options. Further accelerating RegTech development in monetary providers and just about each business in 2018 is the May 25, 2018 EU General Data Protection Regulation (GDPR) which dictates how corporations handle knowledge privateness and safety in Europe. IdentityThoughts absolutely complies with GDPR and helps prospects on the lookout for a GDPR compliant RegTech answer.
Eastern Link Capital, a China targeted personal fairness fund and new addition to the IdentityThoughts funding staff, supplies deep area expertise and information of the Chinese and Asian markets. IdentityMInd not too long ago opened an workplace in Beijing, China to capitalize on these alternatives.
“We’re excited to affix the IdentityThoughts funding staff and see the indispensable worth they ship to any firm conducting digital enterprise,” stated Yudong Hou, Managing Partner, Eastern Link Capital. “The ongoing development of artificial or stolen identities requires digital identity-based options to forestall identification fraud and keep the integrity of the worldwide digital economic system. IdentityThoughts has been recognized as a ‘go to’ companion for these corporations needing to implement an efficient protection to identification thieves, on-line fraudsters, and cash launderers worldwide.”
Demand for identity-based options is exploding on condition that world identification theft, related to continuous knowledge breaches and the corresponding lack of personally identifiable info (PII), continues to develop. According to the 2017 Norton Cyber Security Insights Report, cyber-criminals had been chargeable for incurring $172 billion price of damages to 978 million shoppers in 20 nations in 2017.
“IdentityThoughts has been on the forefront of serving to corporations navigate the regulatory compliance waters of the fast-growing, multi-billion greenback cryptocurrency and ICO business,” stated Patrick Byrne, CEO, Overstock.com, and an investor in IdentityThoughts. “ICOs and cryptocurrencies are going mainstream and IdentityThoughts is without doubt one of the key gamers in serving to guarantee transparency, legitimacy, safety and compliance which is able to solely result in sooner and higher market adoption.” In the final six months, IdentityThoughts has labored with over 40 ICO prospects, evaluating greater than 150,000 customers around the globe who contributed virtually a billion dollars in digital foreign money.
“We’re excited to proceed to put money into IdentityThoughts,” stated Eric Buatois, Managing Partner, Benhamou Global Ventures. “Our funding confidence relies on IdentityThoughts’s continued dynamic development, world enlargement, penetration of latest and thrilling markets, and growing buyer demand for the corporate’s identity-based options.”
- Press Release: “IdentityThoughts Global Announces Creation of Business Unit Dedicated to Cryptocurrencies and ICOs”
- Blog: “IdentityThoughts Global Highlights 2017 Year of Rapid Growth”
- Guide: “Trusted Digital Identities”
For extra info, go to IdentityThoughts on Web, Twitter, LinkedIn, Facebook, Blog, Google+.
About IdentityThoughts Global
IdentityThoughts Global, the chief in Digital Identities You Can Trust, supplies a SaaS platform that builds, maintains and analyzes digital identities worldwide, permitting corporations to carry out identification proofing, risk-based authentication, regulatory identification, and to detect and stop identification fraud. Built-in transaction monitoring permits e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA know-how securely tracks the entities concerned in every transaction (e.g. onboarding, account origination, cash transfers, on-line funds, and many others.) to construct distinctive digital identification belief reputations. This repute is anonymously shared between prospects in IdentityThoughts’s Global Identity Network.
© 2018 IdentityThoughts Global. All rights reserved. IdentityThoughts Global and the IdentityThoughts emblem are emblems or registered emblems of IdentityThoughts Global within the United States and different nations. All different model, service or product names are emblems or registered emblems of their respective corporations or homeowners.
Dan Rampe, 415-205-9378
Director of Corporate Communications
This article sources info from VentureBeat