iProov nets $70m to power US growth

By John Reynolds on Friday 7 January 2022

Digital Banking

iProov, based in London, said it will use the funds to help grow its presence in the US, expand its international customer base, and help grow its partner network.

iProov nets $70m to power US growth
Image source: Andrew Bud/iProov.

Facial verification firm iProov has scooped a $70m (£51.7m) investment from a Silicon Valley fund which it will use to power its growth in the US.

Launched in 2013, the London-based startup works with governments and banks to securely verify customer identities.

The $70m investment comes from Sumeru Equity Partners, a US fund that typically invests between $25-$150m in mid-market software, technology-enabled services, and hardware companies with a focus on helping firms grow in the US.

The facial verification firm said the funds will be used to help grow its presence in the US, expand its international customer base, and help grow its partner network.

“This investment by one of America’s leading growth funds recognises the preeminent position we have established,” said Andrew Bud, founder and CEO of iProov. 

“Our potential is enormous and we now have the resources to scale in the United States and worldwide. Our strong balance sheet will give our customers and partners confidence in our long-term ability to keep them and their customers secure.”

 “iProov is a unique business and its combination of patented deep technology, exceptional customer references and hugely capable team positions the company for outstanding future growth,” said Kyle Ryland, managing partner at Sumeru, who is joining the iProov board.

iProov’s patented technologies, Genuine Presence Assurance and Liveness Assurance, are used by government bodies including the US Department of Homeland Security, the UK Home Office and banks Rabobank, and ING.

Last year, it partnered with the NHS to verify users signing into the NHS app.

iProov's verification technology matched a photo of a form of ID, such as a driving licence, to a real-time snapshot of a user’s face which will then match a user to their correct medical record.

It also inked a deal with Dutch challenger bank Knab to provide its customer verification tech, a fintech first for the biometric ID provider.

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