Veriff

Veriff is an Estonian identity-verification technology company headquartered in Tallinn. It provides digital tools that help online businesses establish whether a person is genuine, whether an identity document is authentic, and whether an account or transaction presents a heightened fraud or compliance risk. Its service is generally integrated into customer onboarding and account-access flows through application programming interfaces, web tools, and software development kits for mobile platforms. The company was founded in 2015 by Kaarel Kotkas. The idea emerged from Kotkas's experience attempting to use an online financial service as a minor and discovering how easily an identity document could be altered to bypass an automated check. Before founding Veriff, he worked in verification operations at Wise. Veriff initially focused on combining several forms of remote identification rather than relying on a single document or facial comparison check. Veriff launched its service in Estonia in June 2016. During its first years it worked with Estonian public authorities and institutions, including the Ministry of Finance, the Ministry of the Interior, the Estonian Data Protection Inspectorate, and the country's e-residency program, to develop procedures for remote identification and the use of national registries while preserving personal-data integrity. Early customers included Hansapost, one of Estonia's largest online retailers, and financial institutions such as Inbank and LHV. Changes to Estonian rules in 2016 made remote identification more practical for banking and other regulated services. The company's technology combines document validation, facial comparison, video and liveness analysis, device and network signals, registry checks, and screening against politically exposed person and sanctions lists. The exact combination of checks can vary according to a customer's risk profile, local law, and the requirements of a particular use case. Veriff can also incorporate human review when automated analysis is insufficient. Its stated use cases span financial services, marketplaces, mobility, cryptocurrency, consumer platforms, and other businesses that need to verify users remotely. Veriff expanded internationally during the late 2010s. It graduated from Y Combinator in 2018, opened its first foreign office in New York in 2019, and entered partnerships with organizations including Berlin's public transportation operator BVG and Blockchain.com. It also introduced subscription-based services aimed at small and medium-sized businesses. In 2019, the acquisition of BrowserID added device-based network-intelligence capabilities to its fraud-prevention offering, broadening the product beyond document and facial checks. The company raised venture funding from investors including Inbank-related entities, Mobi Solutions, Y Combinator, Mosaic Ventures, Nordic Ninja, Accel, and IVP. It announced a $69 million Series B round in 2021 and a $100 million Series C round in January 2022, bringing its reported valuation to approximately $1.3 billion and giving it unicorn status. Veriff remains a privately held company. Its business is positioned at the intersection of digital onboarding, know-your-customer compliance, fraud prevention, and trust and safety for online services.

Veriff was established in 2015 by Kaarel Kotkas in Tallinn, Estonia. Kotkas's founding concept was shaped by an early experience with online identity checks: while trying to use a digital financial service as a minor, he altered the birth year shown on an identification document and was able to obtain access. The incident demonstrated to him that a remote verification process could be defeated with relatively simple manipulation. After working in verification operations at Wise, he founded Veriff to develop a more comprehensive approach based on several independent signals. Veriff launched commercially in Estonia in June 2016. In its initial period, the company worked with the Estonian Ministry of Finance, Ministry of the Interior, Data Protection Inspectorate, and e-residency program. The objective was to establish remote-identification procedures compatible with national registries and personal-data safeguards. Hansapost became one of the early commercial customers. Veriff also entered financial services, where remote identification could help banks open accounts and serve customers without requiring an in-person visit. Inbank was an early investor and customer, while LHV later used video-based remote identification for account opening. The company spent its first years developing a system that could combine document analysis, face comparison, video signals, and other contextual information. In 2018 it graduated from Y Combinator, and Estonian venture investors recognized it as the country's startup of the year. Veriff also created a U.S. corporate entity, Veriff Inc., which became the sole proprietor of the Estonian operating company according to the referenced company history. Expansion accelerated in 2019. Veriff acquired BrowserID, an Estonian network-intelligence company whose technology contributed device-based data and fraud-monitoring capabilities. This broadened Veriff's approach beyond facial recognition and document validation. The company signed an agreement with Berliner Verkehrsbetriebe to verify users of Jelbi, a mobility application integrating public transport with scooters, bicycles, car-sharing, and taxis. It also began working with Blockchain.com after an earlier testing period. In September, Veriff introduced subscription-oriented services for small and medium-sized businesses, extending its target market beyond large enterprises. It opened its first international office in New York later that year. The verification platform evolved through a layered model. A user may submit an identity document and a facial image or video from a local device. Veriff can compare the face with the document portrait, inspect the document's security features, analyze whether a video session is live and voluntary, examine the device and network environment, consult relevant registries, and screen for sanctions or politically exposed-person status. The service can link signals across sessions to identify repeated or organized fraud. Different checks can be enabled depending on the customer's risk tolerance and legal obligations, and human review can be added when automated results require escalation. In October 2019, Veriff introduced an NFC capability for reading information from compatible biometric-document chips. In March 2020, it launched Assisted Image Capture, which gives users immediate guidance intended to reduce problems such as glare, blur, obstruction of the face, or damage to the document. The company continued to expand its customer base across financial technology, mobility, online marketplaces, cryptocurrency, and other digital services. Publicly referenced customers and users of its technology have included Bolt, Opera, Mintos, Turo, Grow Mobility, Verify 365, and Wise. The COVID-19 pandemic produced uneven effects. In March 2020, Veriff said it was building customer-facing and account-management teams in London despite Brexit. Soon afterward, it announced the elimination of 63 positions because demand shifted between markets and some use cases that depended on human review contracted. The company reported additional financing of €13.8 million in June 2020. Veriff's major funding milestones included a $7.7 million Series A in 2018, a $69 million Series B announced in 2021 and led by IVP and Accel, and a $100 million Series C announced in January 2022, co-led by Tiger Global and Alkeon Capital. The 2022 financing reportedly valued Veriff at approximately $1.3 billion, making it an Estonian technology unicorn. Veriff remains a privately held provider of digital identity and fraud-prevention infrastructure, serving businesses that need to establish trust remotely while meeting regulatory and operational requirements.

1. 2022Series C and unicorn status

   A $100 million Series C co-led by Tiger Global and Alkeon Capital reportedly valued Veriff at approximately $1.3 billion.

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2. 2021Series B financing

   Veriff announced a $69 million Series B led by IVP and Accel.

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3. 2020Assisted Image Capture launches

   Veriff introduced Assisted Image Capture to provide real-time guidance during identity-document and selfie capture.

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4. 2019BrowserID acquisition and international expansion

   Veriff acquired BrowserID, opened a New York office, and expanded through mobility and cryptocurrency-sector partnerships.

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5. 2018Y Combinator graduation

   Veriff graduated from the Y Combinator accelerator and raised a reported $7.7 million Series A.

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6. 2016Estonian service launch

   Veriff launched its service in Estonia and began work with public institutions and early commercial customers.

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7. 2015Veriff is founded

   Kaarel Kotkas founded Veriff in Estonia to develop more resilient remote identity-verification processes.

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A global identity-verification and fraud-prevention infrastructure provider for online businesses, combining automated artificial-intelligence analysis with configurable risk controls and optional human review.

• Online Identity VerificationIdentity verification2016

  Veriff's core service enables online businesses to verify users remotely. A typical flow combines an identity document with a face image or video and can return an automated result in real time. The workflow is configurable for different markets, risk thresholds, and regulatory obligations, with web, mobile, and API integration options.

• Fraud Prevention and Device IntelligenceFraud prevention2019

  This capability supplements document and facial analysis with device, network, and behavioral signals. The system can identify connections between verification sessions and detect patterns associated with repeated, coordinated, or synthetic fraud. The capability was strengthened by Veriff's 2019 acquisition of BrowserID.

• NFC VerificationDocument verification2019

  Introduced in 2019, Veriff's NFC tool reads information from the embedded chips of compatible biometric identity documents. Direct chip reading can provide an additional way to validate document data and identify inconsistencies or attempted document fraud when the user's device supports NFC.

• Assisted Image CaptureVerification workflow assistance2020

  Assisted Image Capture provides real-time feedback while a user photographs an identity document or captures a face image. It is designed to prevent common submission problems, including blur, glare, facial obstruction, and damaged or poorly positioned documents, thereby reducing avoidable verification failures.

• 2022Scale the identity-verification platform through Series C financingStrategy

  Veriff sought additional capital to expand its international business and identity-verification infrastructure.

  What changed. The company raised a $100 million Series C co-led by Tiger Global and Alkeon Capital.

  Aftermath. The reported financing valued Veriff at approximately $1.3 billion and established it as a technology unicorn.

  Series C funding and reported valuation. $100 million raised; approximately $1.3 billion valuation (January 2022)

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• 2020Adjust staffing during the COVID-19 demand shiftStrategy

  The pandemic changed demand across Veriff's markets, increasing some automated verification volumes while reducing activity in use cases that required more human oversight.

  What changed. Veriff announced the elimination of 63 positions and continued developing customer-facing teams in London.

  Aftermath. The company reported 230 employees after the reduction and continued international expansion.

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• 2019Acquire BrowserID to extend fraud intelligenceM&A

  Veriff initially emphasized document and facial verification, but online fraud detection also depends on device and network signals.

  What changed. The company acquired BrowserID, an Estonian network-intelligence business, to obtain device-based data and fraud-monitoring capabilities.

  Aftermath. The acquisition broadened Veriff's fraud-prevention proposition beyond identity-document and facial checks.

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• 2019Introduce subscription services for small and medium-sized businessesStrategy

  Veriff had primarily focused on larger business customers and sought to make its verification capabilities accessible to smaller companies.

  What changed. The company introduced subscription-based offerings aimed at small and medium-sized businesses.

  Aftermath. The move expanded Veriff's addressable customer base beyond large enterprises.

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• 2022Veriff raises $100 million Series C and reaches unicorn valuation

  Veriff announced a Series C round co-led by Tiger Global and Alkeon Capital. The financing placed the company's reported valuation at approximately $1.3 billion.

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• 2021Veriff raises $69 million Series B

  The company announced a Series B funding round led by IVP and Accel to support the development and expansion of its identity-verification platform.

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• 2020Veriff announces workforce reduction during the COVID-19 pandemic

  Veriff announced that it would eliminate 63 positions after pandemic-related changes reduced demand for some verification workflows requiring greater human involvement.

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• 2019Veriff acquires BrowserID

  Veriff acquired Estonian network-intelligence company BrowserID to strengthen device-based data collection and fraud monitoring.

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• 2019Veriff partners with Berlin public transportation operator BVG

  BVG adopted Veriff for user identification in Jelbi, its mobility application covering multiple forms of urban transport.

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• 2019Veriff opens its first foreign office in New York

  The company opened a New York office as part of its international expansion.

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1. Veriff
2. Veriff official website