The 60 million euro financing is intended to enable IDnow to further expand its existing identity platform. The Munich-based company plans to use the capital for a range of strategic initiatives. These include the launch of new identity verification solutions, continued geographic expansion, and potential acquisitions.
The Munich startup was founded in 2014 by Dennis von Ferenczy, Sebastian Bärhold, Armin Bauer, and Felix Haas and specializes in identity verification solutions such as automatic and video identification and electronic signatures. According to the company, it now serves 900 leading enterprise customers in 195 countries. Last year, the company was also able to double the number of transactions processed.
“Financing comes at the ideal time”
Andreas Bodczek, CEO of IDnow, explains:
“We are proud that we were able to secure financing that supports IDnow’s business objectives and enables further company growth. The fact that we were able to secure credit financing from Blackrock demonstrates Blackrock’s strong confidence in the strength of our company. This financing comes at an ideal time for IDnow to continue driving forward our ambitious growth strategy. We look forward to working with Blackrock.”
“Outstanding partner for the future”
And Joe Lichtenberger, CFO of IDnow, adds:
“This financing caps a series of business successes that will further accelerate IDnow’s strong growth. It will enable us to continue investing in our growth areas. Blackrock is an outstanding partner for IDnow’s future.”
