A new approach to identity verification: why we invested in Vouchsafe

We’re excited to share that we are leading Vouchsafe’s £1m pre-seed round, alongside co-investors Seed X Liechtenstein, Biometric Ventures, Fuel Ventures, and strategic angels. This investment marks another proud moment for us as we strive to support innovative solutions that foster inclusivity and accessibility. 

The identity verification landscape is fraught with challenges. Globally, nearly half of all businesses require identity verification to prevent fraud and comply with regulations, yet traditional solutions often leave millions of potential customers without access. Vouchsafe has found that current identity checks fail for 20-40% of individuals, particularly those who lack acceptable ID or credit history. 

Vouchsafe is tackling this head-on, ensuring that businesses don’t miss out on valuable customers while also reducing manual verification costs. Vouchsafe's innovative approach combines user evidence collection with background data analysis to enable automatic fraud scoring. This means businesses can finally streamline their processes and cater to a more diverse clientele. 

With the global identity verification market in a state of flux, Vouchsafe holds a first-mover advantage in addressing the toughest 20% of identity cases that competitors are currently unable to solve. These cases often involve the most vulnerable individuals seeking critical public and social services—representing not only a pressing need but also a significant untapped customer base that businesses are currently overlooking.

What truly defines Vouchsafe are its founders, Chloe and Jaye. Their deep roots in public services, from launching the first version of the COVID tracing app to ensuring Universal Credit reaches those without a permanent address, give them a deep understanding of the problem. Their passion for inclusive ID drives their work, and you can catch them sharing their insights at the next Identiverse in Las Vegas or the European Identity and Cloud conference in Berlin.

The company has already secured significant traction, including strategic contracts with the Scottish Government and Fair4All Finance, who are backing Vouchsafe’s expansion into banking and credit, showcasing their ability to deliver real results. 

If you want to learn more about Vouchsafe or talk to the team, get in touch.

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