Warsaw-based Authologic, a platform for digital id verification, introduced that it raised $8.2M (almost €7.57M) in a Sequence A spherical of funding. The spherical was led by European enterprise capital agency OpenOcean, with participation from YCombinator, Peak Capital, and SMOK VC.
The Polish firm specialises in streamlining KYC and AML processes utilizing safe e-ID options to fight fraud and guarantee compliance.
Tony Nysten, Companion at OpenOcean, says, “For many years, individuals within the Nordics have used financial institution e-IDs to signal contracts, buy objects, and even ebook dentist appointments on-line. With the Nordics having paved the way in which in digital identities, we consider Authologic is on the cusp of driving a revolution on a worldwide scale.”
“The demand for safe, environment friendly and easy-to-use id verification is common, and Authologic’s strategy is exactly what the market wants. Its imaginative and prescient of constructing a brand new, trust-based id layer on the web resonates deeply with us, and we’re thrilled to help the staff as they lead the cost in making this imaginative and prescient a actuality. Authologic is reshaping on-line id.”
Fixing id on the web
Authologic is addressing the rising vulnerabilities in legacy KYC (Know Your Buyer) techniques that depend on doc pictures for id verification, as advances in AI make it simpler to create pretend paperwork.
These outdated strategies are vulnerable to fraud and compliance points, notably in industries with strict KYC and AML (Anti-Cash Laundering) laws, reminiscent of monetary companies, gaming, telecoms, and crypto.
The eIDAS 2.0 regulation now requires regulated firms to simply accept digital IDs (eIDs) and implement them as legitimate authentication and two-factor authentication (2FA) strategies.
Authologic’s platform simplifies the id verification course of, providing a safe digital expertise that reduces guide work, quickens onboarding, lowers fraud threat, and cuts operational prices, all whereas bettering buyer satisfaction in a digital-first world.
The corporate’s unified e-ID platform combines a whole lot of digital id techniques, serving to companies transition from legacy verification strategies to safe digital options.
The platform eliminates the necessity for outdated practices like plastic IDs and picture uploads, decreasing the publicity of private knowledge whereas sustaining privateness and belief. By integrating with current KYC infrastructures, Authologic simplifies the adoption of safe e-ID options.
Krzysztof Klimczak, CEO and co-founder of Authologic, says, “Id is the inspiration of a well-functioning society. If we are able to’t be certain who we’re coping with on-line, it undermines belief in marketplaces, social interactions, and even democracy itself. That’s why digital identities have to be straightforward to make use of and the apply of taking pictures of plastic ID playing cards needs to be left prior to now.”
“Our platform is designed to assist corporations counteract the rise in AI-driven fraud, providing them a seamless, safe, and automatic answer that stays forward of rising fraud ways. We’re excited to have the help of our buyers as we develop our attain and proceed to innovate within the digital id house.”
With workplaces in Warsaw, London, and San Francisco, Authologic is increasing internationally, serving main purchasers reminiscent of Santander Leasing, LV Guess, and eToro.
What do buyers should say?
Nicolas Dessaigne, Group Companion at YCombinator, says, “At Y Combinator, now we have a front-row seat to seeing AI essentially rework the way in which companies function, and it’s turn out to be clear that conventional id verification strategies, reliant on outdated practices like images of bodily paperwork, are now not enough.”
“Since going by way of YC in 2021, Authologic has persistently demonstrated its potential to remain forward of those traits. We’re proud to again a staff that not solely meets the challenges of as we speak but additionally anticipates the wants of tomorrow, driving the way forward for safe, automated id verification.”
Adrian Kaczmarek, Head of Digital Gross sales at Santander Leasing, provides, “Onboarding prospects to monetary merchandise at scale is a difficult process. Initially, offering solely document-based ID verification doesn’t lower it anymore. You want a number of choices, together with government-issued digital IDs and Financial institution IDs.”
“Second of all, the market is altering quickly and as our enterprise grows, we require new strategies and new capabilities. By means of the one-time integration of Authologic e-ID Hub, we began to deal with these challenges. We now have the flexibleness so as to add new integrations and capabilities inside days, not months.”
