Singapore-based Accredify raised VC firm Qualgro led US $2 M funding to combat rising fake degree in education sector

Accredify, a Singapore-based company that helps businesses generate and distribute verifiable papers, has closed a US $2 million funding round headed by VC firm Qualgro.

Pavilion Capital, Endeavour Ventures, and K2 Global were among those that took part.

Accredify was created in 2019 to give a solution to the higher education sector’s growing problem of counterfeit education degree credentials. It helps Asia’s leading institutions create and issue digital tamper-proof diplomas and transcripts.

Users can verify documents by dragging and dropping them into an online verifier site. The outcomes are immediate.

All digital papers issued by Accredify’s cloud-based technology are said to be tamper-proof and traceable back to the source of issuance, according to the business.

The firm is actively expanding its offerings to allow institutions to build student-centred modular learning programmes. This programme allows students to personalise their degrees by applying for specific courses.

Accredify also provides a set of APIs and options for system-to-system interaction. With a simple click of a button, businesses can develop and prepare personalised tamper-proof digital credentials in big numbers.

Over 900 clients throughout Australia, Indonesia, Hong Kong, Japan, Malaysia, the Netherlands, Singapore, and the United Arab Emirates are served by the business. So far, it claims to have validated over seven million papers.

Following an increase in incidents of faked COVID-19 negative test results during the COVID-19 pandemic, Accredify extended its products and entered the Singapore healthcare market by pioneering the issuing of verified COVID-19 swab findings. Accredify also collaborated on the development of HealthCerts, a globally recognised standard for COVID-19 test results. Accredify’s test findings are recognised in 82 countries and by 70 airlines.

Accredify co-founder and CEO Quah Zheng Wei said, “Over the decades, there has been a transition from physical to digital documents, and we believe the next phase is an evolution towards verifiable digital records. Our goal is to be the leader in Asia in digital document verification.”

Accredify and SGInnovate established a collaboration in September 2020 to launch a digital health passport that would assist speed up the reopening of travel crossings. Individuals may use the passport app to save their medical information, such as COVID-19 testing and immunisation reports digitally certified by recognised authorities. Medical records on the app may be tracked back to their source utilising blockchain technology.