Munich-based identity
pioneer looks back on ten years of revolutionizing the KYC space
and doubles down on reusable identities and trust services
MUNICH, June 27,
2024 /PRNewswire/ -- IDnow, a leading platform
provider for identity verification in Europe, is looking back on ten successful
years of revolutionizing the German and European Know-Your-Customer
(KYC) market and is now doubling down on reusable identities and
trust services. Founded in 2014 by Armin
Bauer, Sebastian Bärhold, Felix
Haas and Dennis von Ferenczy,
the Munich-based company's
flagship product at the time was the revolutionary VideoIdent,
which had just been allowed by the German Federal Financial
Supervisory Authority (BaFin).
A platform with automated and expert-led solutions that
serves all needs
Since then, a variety of solutions have been added to the
portfolio, following market needs and technological trends: the
AI-supported, fully automated AutoIdent solution was introduced in
2018, followed by the electronic function of the German ID card
(eID) in 2019. Just last year, IDnow introduced ShopIdent, the
onsite solution for identification in German petrol stations and
stores. The transaction figures prove the success of these
solutions: Over 13.2 million transactions have been processed via
IDnow AutoIdent, while the scale-up looks back on another 13
million successfully identified users with VideoIdent to date.
In 2019, Andreas Bodczek was appointed as CEO at IDnow: "We have
made it our mission over the past five years to actively shape and
lead our industry and show our customers why digital identities are
essential to their business. In the last decade, we have grown into
a platform provider that serves all market needs with the help of
the latest technology. We have earned the trust of our customers
because we focus on our core business every day without losing
sight of the secular trends that are shaping the market."
Munich-based scale-up has
long been one of the largest European players
In 2021, increased expansion opportunities led IDnow to acquire
the French market leader for identity verification technology,
ARIADNEXT, and the German provider identity Trust Management AG,
establishing IDnow as one of the largest European players in the
identity industry.
In addition to its traditional financial and telecommunications
applications, new growth areas for IDnow have opened up in the
mobility and travel industry, online dating, gaming, human
resources and social media. Although user needs and regulatory
requirements differ greatly from traditional industries, the desire
for increased trust in digital transactions has grown across
territories, regardless of the use case.
Reusable identities and trust services determine the
future
The digital identity industry is facing a paradigm shift due to
regulations, such as eIDAS 2.0 at the European level or announced
changes to the Videoident regulation in Germany. With its more than 900 trusted
customers, the company aims to leverage these relationships and
take them to the next level by building up its own trust service
and a digital identity pool of several million users in the next
few years. In doing so, the scale-up intends to lead the way in the
transformation of the digital identity market heralded by eIDAS
2.0: European trust services, reusable identities and a fully
integrated, broad product portfolio form the basis of the company's
long-term product strategy.
"Today, we are facing a fundamental transformation of our
industry – away from the one-time verification process and towards
reusable identities – and we will once again lead this revolution,"
Bodczek says. "Since its founding, IDnow, with its broad and
continually evolving portfolio, has shown a great deal of
foresight, resiliency, and adaptability to market developments.
With a team of over 450 highly skilled colleagues across ten
offices in Europe, we are already
one of the largest players in the identity industry. The
experience, expertise, and innovation drive that we have assembled
in-house make us extremely optimistic about the next ten years of
our company and the industry at large," he concludes.
About IDnow
IDnow is a leading identity verification platform provider in
Europe with a vision to make the
connected world a safer place. The IDnow platform provides a broad
portfolio of identity verification solutions, ranging from
automated to human-assisted from purely online to point-of-sale,
each of them optimized for user conversion rates and security.
In 2021, IDnow acquired the French market leader for identity
technology, ARIADNEXT, and the German identity Trust Management AG,
enabling IDnow to offer its customers one of the broadest
identification solutions through a single, integrated platform.
The company has offices in Germany, United
Kingdom, and France and is
backed by renowned institutional investors, including Corsair
Capital and Seventure Partners. Its portfolio of over 900
international clients spans a wide range of industries, and
includes leading international players, such as UniCredit,
Telefonica, Sixt, Crédit Agricole Personal Finance and Mobility,
BNP Paribas Personal Finance, and Munich Re, as well as digital
champions like N26, Solarisbank, Younited, BoursoBank, Klarna and
Tier mobility.
Press contact IDnow
Katherina
Riesner
press@idnow.io
+49 89 41324 6030
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SOURCE IDnow