European Investment Bank Provides €15 Million of Funding to IDnow

The German identify verification platform IDnow is set to receive €15 million of growth funding from the European Investment Bank (EIB). IDnow specializes in identifying people remotely using automatic procedures and video technology.

Its product helps companies verify customers’ identities and carry out transactions faster and easier while meeting regulations governing Know Your Customer (KYC) and anti-money laundering (AML), all of which is essential to the regulated casino industry. The money from the EIB will go towards further research and development activities, as well as helping the company to grow internationally.

The investment is part of the European Growth Finance Facility (EGFF), which is under the guarantee scheme of the European Fund for Strategic Investments (EFSI). The EGFF is designed to reduce quasi-equity gaps resulting from structural market failures in the EU in the provision of adequate risk capital to late-stage, venture-backed companies. Some small and medium-sized enterprises in Europe struggle due to systemic lack of large, non-dilutive financing options.

Joe Lichtenberger, the CFO of IDnow, said that the company has “experienced overwhelming demand for its verification-as-a-service across multiple industries and countries, with COVID-19 significantly increasing the need for digital services.”

The flexible financing structure from the EIB will allow us to accelerate our investment in developing the platform to capitalize on these opportunities. The EIB is an ideal partner to support us in becoming Europe's leading provider in identity verification.

Joe LichtenbergerCFO of IDnow

The EIB Vice-President Ambroise Fayolle also praised the investment. He pointed out that IDnow needs significant research and development and marketing investments.

The transaction is an excellent example of how the EU bank, with the support of the Investment Plan for Europe, can facilitate the development of innovation, in particular in sensitive policy areas such as anti-money laundering, counter terrorist financing and cybersecurity, which are of utmost importance for the European Union and its economy.

Ambroise FayolleVice-President of the EIB

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