A popular identity verification infrastructure firm, Passbase, declared a $10 million Series A round today, as well as a $3.5 million Seed-2 round. Costanoa Ventures led the investment, which included Lakestar, Eniac Ventures, and Cowboy Ventures.
The startup will use the funds to expand its product suite and make policy administration easier for bitcoin, fintech, and other businesses that use Passbase’s identity verification services to comply with fast-changing worldwide compliance regulations.
Passbase Shows Revolutionary Growth
The company has grown revenue by 8x in the last year by assisting businesses in solving their digital identity verification difficulties in a compliant, privacy-focused, and user-centric manner.
Their user-friendly verification flow and back-end compliance infrastructure meet enterprises’ regulatory requirements for AML, KYC, and age limitations while allowing teams to manage automated and branded verification flows globally.
Their developer-first offering supports over 6,000 IDs in 190 countries and 15 languages and can be incorporated in as little as 30 minutes.
Costanoa Ventures’ Greg Sands remarked that Passbase presents a fresh approach to tackling a key problem in an industry where demand is practically limitless. According to him, The team’s technical prowess, coupled with their rapid progress, truly distinguishes them.
Passbase will use the new money to expand its team and operations, as well as develop the first full policy and workflow manager to sit on top of its identity verification service.
This functionality will aid scaling businesses in complying with ever-more complex rules and entering new markets and nations more quickly.
Passbase’s new industry-specific policy templates, paired with its current privacy-centric infrastructure, will make compliance, security, and privacy more manageable for organizations around the world.
Passbase evolved from Coinance, the company’s first product, which was a bitcoin wallet. It’s why the company’s DNA is infused with the demand for digital identity as a service for crypto and fintech.