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Warsaw-based Authologic, a platform for digital id verification, introduced that it raised $8.2M (practically €7.57M) in a Collection A spherical of funding. The spherical was led by European enterprise capital agency OpenOcean, with participation from YCombinator, Peak Capital, and SMOK VC.
The Polish firm specialises in streamlining KYC and AML processes utilizing safe e-ID options to fight fraud and guarantee compliance.
Tony Nysten, Accomplice at OpenOcean, says, “For many years, individuals within the Nordics have used financial institution e-IDs to signal contracts, buy objects, and even ebook dentist appointments on-line. With the Nordics having paved the way in which in digital identities, we imagine Authologic is on the cusp of driving a revolution on a world scale.”
“The demand for safe, environment friendly and easy-to-use id verification is common, and Authologic’s strategy is exactly what the market wants. Its imaginative and prescient of constructing a brand new, trust-based id layer on the web resonates deeply with us, and we’re thrilled to help the workforce as they lead the cost in making this imaginative and prescient a actuality. Authologic is reshaping on-line id.”
Fixing id on the web
Authologic is addressing the rising vulnerabilities in legacy KYC (Know Your Buyer) methods that depend on doc photos for id verification, as advances in AI make it simpler to create faux paperwork.
These outdated strategies are susceptible to fraud and compliance points, notably in industries with strict KYC and AML (Anti-Cash Laundering) rules, akin to monetary companies, gaming, telecoms, and crypto.
The eIDAS 2.0 regulation now requires regulated corporations to simply accept digital IDs (eIDs) and implement them as legitimate authentication and two-factor authentication (2FA) strategies.
Authologic’s platform simplifies the id verification course of, providing a safe digital expertise that reduces handbook work, quickens onboarding, lowers fraud danger, and cuts operational prices, all whereas enhancing buyer satisfaction in a digital-first world.
The corporate’s unified e-ID platform combines a whole bunch of digital id methods, serving to companies transition from legacy verification strategies to safe digital options.
The platform eliminates the necessity for outdated practices like plastic IDs and picture uploads, lowering the publicity of private information whereas sustaining privateness and belief. By integrating with current KYC infrastructures, Authologic simplifies the adoption of safe e-ID options.
Krzysztof Klimczak, CEO and co-founder of Authologic, says, “Id is the muse of a well-functioning society. If we are able to’t be certain who we’re coping with on-line, it undermines belief in marketplaces, social interactions, and even democracy itself. That’s why digital identities have to be simple to make use of and the follow of taking pictures of plastic ID playing cards ought to be left prior to now.”
“Our platform is designed to assist companies counteract the rise in AI-driven fraud, providing them a seamless, safe, and automatic resolution that stays forward of rising fraud techniques. We’re excited to have the help of our buyers as we develop our attain and proceed to innovate within the digital id area.”
With workplaces in Warsaw, London, and San Francisco, Authologic is increasing internationally, serving main shoppers akin to Santander Leasing, LV Wager, and eToro.
What do buyers need to say?
Nicolas Dessaigne, Group Accomplice at YCombinator, says, “At Y Combinator, we now have a front-row seat to seeing AI essentially rework the way in which companies function, and it’s develop into clear that conventional id verification strategies, reliant on outdated practices like pictures of bodily paperwork, are now not ample.”
“Since going by YC in 2021, Authologic has constantly demonstrated its capacity to remain forward of those tendencies. We’re proud to again a workforce that not solely meets the challenges of at this time but in addition anticipates the wants of tomorrow, driving the way forward for safe, automated id verification.”
Adrian Kaczmarek, Head of Digital Gross sales at Santander Leasing, provides, “Onboarding prospects to monetary merchandise at scale is a difficult activity. Initially, offering solely document-based ID verification doesn’t reduce it anymore. You want a number of choices, together with government-issued digital IDs and Financial institution IDs.”
“Second of all, the market is altering quickly and as our enterprise grows, we require new strategies and new capabilities. By the one-time integration of Authologic e-ID Hub, we began to handle these challenges. We now have the pliability so as to add new integrations and capabilities inside days, not months.”
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