quora
webinr-icon

“A Fintech’s Path to Rapid Growth with 100% KYC/KYB Compliance” - 7th November

Register Here

Shufti Announces $20 Million Series A Funding to Accelerate Growth 

Shufti Announces $20 Million Series

London, UK – March 2022 – A global market leader in AI-powered IDV solutions, Shufti, has announced that it has raised $20 million in Series A funding led by Updata Partners, a tech-focused growth equity firm.

The investment will be used to accelerate Shufti’s global expansion providing additional resources to push their completely automated solution to new markets to help solve organization’s unsatisfactory IDV process, enhance its IDV solutions and extend the company’s compliance suite.

Shufti’s mantra is to provide a seamless digital customer experience when it comes to KYC, and as such the organization provides a diverse range of solutions with identity verification at its core. With the World changing and digital transformation accelerating, digital identity services have become the cornerstone of any organization looking to verify the identity of customers. 

As businesses continue to undergo digital transformation, relying on trusted IDV partners has become more important than ever. As stated by Victor Fredung, the CEO of Shufti, “Our configurable and fully automated platform allows customers to incorporate a frictionless verification process specific to their business objectives and provides the flexibility to address data privacy and security requirements, including the ability to deploy an on-premise solution. We strive to provide the global coverage demanded by borderless organizations.”

There is a global need for a flexible and compliant solution for onboarding, background checks and management that operates across borders without the prejudice of regions, business types and languages. The World is calling for a broader solution to its digital crisis and Shufti answers these questions with unique capabilities:

Automation – the most advanced fully automated solution. 

Global coverage on various reading capabilities in all major languages. 

Configurable and highly customizable while specializing in unique requirements. Our solution can be installed on-premise which is a highly unique advantage in the market. We comply with even the most stringent regulatory requirements.

The company is already serving 500+ clients globally as per Founder and CTO of Shufti, Shahid Hanif. He further said,The funding round was about finding a strategic partner that has the relevant experience and knowledge, which we truly believe we have found. We can now develop more exciting products and solve onboarding and compliance issues faced all over the World.”

For more than 20 years, Updata, a firm that believes in creating exceptional outcomes for customers, employees, and shareholders, has supported entrepreneurs in B2B software that have a growth mindset and acknowledge capital efficiency.

“We were impressed by the technology and commercial progress achieved by a bootstrapped business. Shufti is poised to build on this strong foundation and accelerate growth.”– said Braden Snyder, Partner at Updata Partners.

About Shufti

Shufti is an identity verification service provider offering KYC, KYB, and AML services to help global businesses onboard and manage risk of legitimate customers. The UK-based company has 5 regional offices and launched 17 different IDV products since its inception in 2017. With the ability to verify ID documents globally in 150+ languages, Shufti is serving customers in 230+ countries and territories.

For more information, 

Graeme Rowe
CMO | Shufti
[email protected]
+44 1225290329

Related Posts

Press Release

Shufti and .MUSIC partner to authenticate music identities and protect global music community against AI impersonation

While critical work is being done to develop policies protecting artists and their NILV against d...

Shufti and .MUSIC partner to authenticate music identities and protect global music community against AI impersonation Read More

Press Release

Emerging Fintech Marketplace, Zoth, Integrates Shufti’s Robust KYC and KYB Services for Enhanced Security and Compliance

The finance industry is severely prone to fraud and theft, costing organizations billions of doll...

Emerging Fintech Marketplace, Zoth, Integrates Shufti’s Robust KYC and KYB Services for Enhanced Security and Compliance Read More

Press Release

AXIOMA Integrates Shufti’s AI-powered KYC and KYB Solutions for Secure Financial Services

He added, “By integrating Shufti’s innovative technology with our expertise and d...

AXIOMA Integrates Shufti’s AI-powered KYC and KYB Solutions for Secure Financial Services Read More

Press Release

Shufti Commits To Data Privacy And Transparency By Achieving Qg-gdpr Certification

According to a study by Forbes, global user data is worth $7.4 trillion, highlighting its incredi...

Shufti Commits To Data Privacy And Transparency By Achieving Qg-gdpr Certification Read More

Press Release

Shufti Presenting Webinar “Protecting our Youth: The Role of IDV in Ensuring Secure Gaming” – Providing Insights into the Risks Associated with Weaker KYC Systems

“Every year, millions of gamers fall victim to account takeovers and financial fraud attempts, a ...

Shufti Presenting Webinar “Protecting our Youth: The Role of IDV in Ensuring Secure Gaming” – Providing Insights into the Risks Associated with Weaker KYC Systems Read More

Press Release

Shufti Introduces Enhanced Face Verification Fortifying Businesses Against Deepfake Fraud

Scammers are even becoming more sophisticated through the generative AI, making it easier for the...

Shufti Introduces Enhanced Face Verification Fortifying Businesses Against Deepfake Fraud Read More

Press Release

Shufti’s Fraud Prevention Solution: A Powerful Tool Against Fraudulent Entities

Shufti’s state-of-the-art solution utilises machine learning and artificial intelligence solu...

Shufti’s Fraud Prevention Solution: A Powerful Tool Against Fraudulent Entities Read More

Press Release

Shufti’s Advanced Solutions for the Telecommunication Industry | Ensuring Swift and Accurate User Authentication

Telecom operators need to maintain regulatory compliance to prevent the misuse of their telecommu...

Shufti’s Advanced Solutions for the Telecommunication Industry | Ensuring Swift and Accurate User Authentication Read More

Press Release

Shufti and .MUSIC partner to authenticate music identities and protect global music community against AI impersonation

While critical work is being done to develop policies protecting artists and their NILV against d...

Shufti and .MUSIC partner to authenticate music identities and protect global music community against AI impersonation Read More

Press Release

Emerging Fintech Marketplace, Zoth, Integrates Shufti’s Robust KYC and KYB Services for Enhanced Security and Compliance

The finance industry is severely prone to fraud and theft, costing organizations billions of doll...

Emerging Fintech Marketplace, Zoth, Integrates Shufti’s Robust KYC and KYB Services for Enhanced Security and Compliance Read More

Press Release

AXIOMA Integrates Shufti’s AI-powered KYC and KYB Solutions for Secure Financial Services

He added, “By integrating Shufti’s innovative technology with our expertise and d...

AXIOMA Integrates Shufti’s AI-powered KYC and KYB Solutions for Secure Financial Services Read More

Press Release

Shufti Commits To Data Privacy And Transparency By Achieving Qg-gdpr Certification

According to a study by Forbes, global user data is worth $7.4 trillion, highlighting its incredi...

Shufti Commits To Data Privacy And Transparency By Achieving Qg-gdpr Certification Read More

Press Release

Shufti Presenting Webinar “Protecting our Youth: The Role of IDV in Ensuring Secure Gaming” – Providing Insights into the Risks Associated with Weaker KYC Systems

“Every year, millions of gamers fall victim to account takeovers and financial fraud attempts, a ...

Shufti Presenting Webinar “Protecting our Youth: The Role of IDV in Ensuring Secure Gaming” – Providing Insights into the Risks Associated with Weaker KYC Systems Read More

Press Release

Shufti Introduces Enhanced Face Verification Fortifying Businesses Against Deepfake Fraud

Scammers are even becoming more sophisticated through the generative AI, making it easier for the...

Shufti Introduces Enhanced Face Verification Fortifying Businesses Against Deepfake Fraud Read More

Press Release

Shufti’s Fraud Prevention Solution: A Powerful Tool Against Fraudulent Entities

Shufti’s state-of-the-art solution utilises machine learning and artificial intelligence solu...

Shufti’s Fraud Prevention Solution: A Powerful Tool Against Fraudulent Entities Read More

Press Release

Shufti’s Advanced Solutions for the Telecommunication Industry | Ensuring Swift and Accurate User Authentication

Telecom operators need to maintain regulatory compliance to prevent the misuse of their telecommu...

Shufti’s Advanced Solutions for the Telecommunication Industry | Ensuring Swift and Accurate User Authentication Read More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started