In its Series D round of fundraising, IDfy, an ID verification, and onboarding solutions firm located in India, has raised INR 86 crore (US $11.5 million).
TransUnion and Blume Ventures were the lead investors.
IDfy intends to utilise the money to improve its product offerings as well as grow its company and operations.
IDfy, which is located in Mumbai, creates technological products and solutions that correctly verify entities. This makes it easier for companies to avoid fraud and interact with certified organisations with the least amount of friction.
IDfy claims to have assisted organisations in Southeast Asia and the Middle East with onboarding verified merchants and customers in industries like payments, e-commerce, and mobility during the previous six months.
IDfy claims to have completed over 70 million verifications for over 500 clients.
