A global market leader in AI-powered IDV solutions, Shufti Pro, has announced that it has raised $20 million in Series A funding led by Updata Partners, a tech-focused growth equity firm.
The investment will be used to accelerate Shufti Pro’s global expansion providing additional resources to push their completely automated solution to new markets to help solve organisation’s unsatisfactory IDV process, enhance its IDV solutions and extend the company’s compliance suite.
Shufti Pro’s mantra is to provide a seamless digital customer experience when it comes to KYC, and as such the organisation provides a diverse range of solutions with identity verification at its core. With the World changing and digital transformation accelerating, digital identity services have become the cornerstone of any organisation looking to verify the identity of customers.
As businesses continue to undergo digital transformation, relying on trusted IDV partners has become more important than ever. As stated by Victor Fredung, the CEO of Shufti Pro, “Our configurable and fully automated platform allows customers to incorporate a frictionless verification process specific to their business objectives and provides the flexibility to address data privacy and security requirements, including the ability to deploy an on-premise solution. We strive to provide the global coverage demanded by borderless organisations.”
There is a global need for a flexible and compliant solution for onboarding, background checks and management that operates across borders without the prejudice of regions, business types and languages. The World is calling for a broader solution to its digital crisis and Shufti Pro answers these questions with unique capabilities:
Automation – the most advanced fully automated solution.
Global coverage on various reading capabilities in all major languages including Arabic.
Configurable and highly customisable while specialising in unique requirements. Our solution can be installed on-premise which is a highly unique advantage in the market. We comply with even the most stringent regulatory requirements such as VideoKYC in Germany or data retention in UAE.
The company is already serving 500+ clients globally as per Founder and CTO of Shufti Pro, Shahid Hanif. He further said, “The funding round was about finding a strategic partner that has the relevant experience and knowledge, which we truly believe we have found. We can now develop more exciting products and solve onboarding and compliance issues faced all over the World.”
For more than 20 years, Updata, a firm that believes in creating exceptional outcomes for customers, employees, and shareholders, has supported entrepreneurs in B2B software that have a growth mindset and acknowledge capital efficiency.
“We were impressed by the technology and commercial progress achieved by a bootstrapped business. Shufti Pro is poised to build on this strong foundation and accelerate growth.”– said Braden Snyder, Partner at Updata Partners.
About Shufti Pro
Shufti Pro is an identity verification service provider offering KYC, KYB, and AML services to help global businesses onboard and manage risk of legitimate customers. The UK-based company has 5 regional offices and launched 17 different IDV products since its inception in 2017. With the ability to verify ID documents globally in 150+ languages, Shufti Pro is serving customers in 230+ countries and territories.