Successful financing round for a Munich startup: The IDnow GmbH, which has developed identification and eSigning solutions, received several million euros in a further financing round from Seventure, BayBG Bayerische Beteiligungsgesellschaft and several business angels. The funds will be used for European expansion and further development of the platform.
Since its launch in 2014, IDnow has acquired over 100 customers who use its products for online personal identification and electronic contract conclusion. With the help of IDnow, companies can fully digitize paper-based customer processes. This should increase both the closing rate and customer satisfaction.
IDnow's offering is aimed at business customers who want to acquire new customers online and offer online authentication and contract conclusion. This includes not only banks, but also credit and financing providers, credit card providers, municipalities, and insurance companies. The German FinTech industry and major banks such as Commerzbank and UBS use IDnow's software.
Financing is provided by French VC and existing investors
The French venture capital fund Seventure Partners is on board as a new investor and has invested several million in the Munich-based FinTech in this financing round.
At the same time, existing investors, BayBG and several business angels, have increased their commitment. BayBG was the first institutional investor in IDnow in 2015, thus opening up additional growth prospects for the startup company founded in 2014.
Planned expansion of IDnow
Sebastian Bärhold, founder and managing director of IDnow, outlines the prospects of the new technology:
“Digital identity and the automation of business processes are still in their infancy in many industries in Europe, such as finance, healthcare, and government, and promise enormous market potential.”
The EU regulation for electronic signatures, eIDAS, which came into force in July 2016, now makes it possible to offer identification and electronic signature services uniformly in all European member states. The Munich-based startup intends to take advantage of this. Legal harmonization will significantly accelerate the digitalization of business processes in the coming years and unlock enormous innovations and market potential.
