Meta description: World-renowned IDV solutions provider Shufti Pro announced that it has raised $20 million in a Series A funding round led by Updata Partners to accelerate global expansion and enhance product development.
LONDON, March 17, 2022–(BUSINESS WIRE)–Global leader in AI-based IDV solutions, Shufti Pro, announced it has raised $20 million in a Series A funding round led by Updata Partners, a growth venture capital firm focused on Has technology.
The investment is intended to accelerate the global expansion of Shufti Pro and provide additional resources to help the company bring its fully automated solution that addresses organizations’ poor IDV process to new markets, its IDV -Improve solutions and grow the suite. of compliance.
Shufti Pro wants to enable a seamless digital customer experience for KYC and the company offers a wide range of solutions around identity verification. As the world changes and digital transformation accelerates, digital identity services have become a cornerstone for companies looking to verify the identity of their customers.
For businesses, trusted IDV partners are more important than ever in light of the ongoing digital transformation. Shufti Pro CEO Victor Fredung stated: “Our fully automated and configurable platform allows customers to incorporate a seamless verification process that is specific to their business objectives and provides the flexibility to meet privacy and security requirements. This includes the ability to provide an on-site solution. Our goal is to provide the global coverage that cross-border businesses demand.”
There is a global need for a flexible and compatible onboarding, background check, and management solution that works across borders and across regions, business types, and languages. The world demands a more comprehensive solution to its digital crisis and Shufti Pro responds to these needs with unique features:
automation – the most advanced fully automatic solution.
Global coverage with various reading functions in all major languages, including Arabic.
configurable and highly customizable, specializing in unique requirements. It is a unique advantage in the market that our solution can be installed on site. We also comply with the strictest legal requirements, such as VideoKYC in Germany or data retention in the United Arab Emirates.
The company already serves more than 500 clients worldwide, according to Shahid Hanif, founder and CTO of Shufti Pro. He further explained: “A strategic partner with the right experience and expertise had to be found for the funding round, and we think we really found it. Now we can develop more exciting products and solve the onboarding and compliance issues that arise around the world.”
Updata, a company dedicated to creating exceptional results for customers, employees, and shareholders, has been empowering B2B software entrepreneurs with growth and capital efficiency in mind for over 20 years.
“We have been impressed by the technological and commercial advances of a company that bets on bootstrapping. Shufti Pro is positioned to build on this strong foundation and accelerate growth.”said Braden Snyder, a partner at Updata Partners.
About Shufti Pro
Shufti Pro, an identity verification service provider, offers KYC, KYB and AML services to help global businesses with legitimate customer onboarding and risk management. The UK company has 5 regional offices and has launched 17 different IDV products since its inception in 2017. Capable of verifying identity documents in over 150 languages worldwide, Shufti Pro serves customers in over 230 countries and regions. .
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Marketing Manager | ShuftiPro