Shufti Pro raised $20 million in a Series A funding round, attesting to the tremendous excitement around selfie-based remote onboarding technologies.
In a statement, Shufti Pro explained that the funding round was “led by Updata Partners,” although the company did not name any other participants in the round. For its part, Updata is a Washington-based, software-focused growth capital firm with a number of companies in its portfolio, including Toronto’s Altus Assessments, London’s Glassbox and Chicago’s Jellyvision.
Commenting on the investment in Shufti Pro, Updata partner Braden Snyder said the venture capital firm’s executives “were impressed with the technology and business progress being made by a startup,” adding: “Shufti Pro is poised to build on this strong foundation and accelerate growth.”
Shufti Pro’s remote onboarding solution is designed to allow customers to perform remote identity verification of end users via a mobile device. The end user simply needs to upload images of an ID document and a selfie photo; then, Shufti Pro’s document recognition technology can verify the authenticity of the ID, while its face recognition can match the document to the user’s face.
It’s an identity verification approach that has proven to be increasingly popular in recent years, particularly in the financial services industry. And Shufti Pro is certainly not the only provider of this kind of selfie-based solution, with rival companies like Onfido and Socure having recently announced increased revenue.
For its part, Shufti Pro seeks to differentiate itself through the flexibility and customization of its solution, and through its compliance with the strictest privacy and data protection regulations.
“Our configurable, fully automated platform enables customers to embed a frictionless verification process specific to their business objectives and provides the flexibility to meet data privacy and security requirements, including the ability to deploy a on-site solution,” explained Shufti Pro CEO Victor Fredung. .
The company says capital from Updata’s investment will help fuel its expansion into new markets, with Shufti Pro founder and CTO Shahid Hanif suggesting the funding will also help further boost R&D. “We can now develop more exciting products and solve integration and compliance issues around the world,” he said.
(Originally posted on Mobile ID World)