TALLINN – Online identity verification company Veriff has just acquired device insight and network intelligence company BrowserID. BrowserID serves international customers like Ekspress Grupp, GoEuro, Heathmont, TransferWise and 8bet. The parties did not disclose the terms of the transaction.
BrowserID founder Argo Mändmaa will continue as Veriff`s Fraud Product Manager while BrowserID continues to provide services to its customers based on same agreements as before acquisition.
“BrowserID performs complex background check inquiries without infringing the clients’ privacy. Media companies use our service to ward off unwanted language use and finance companies to fulfill payment process-related security requirements. Merging the two businesses will help us take online fraud prevention to a new level. Together with Veriff, we can grow in a global scale,” said Mändmaa.
Veriff`s founder and CEO Kaarel Kotkas says that Veriff will continue to be one step ahead of fraudsters and competition. “BrowserID has developed a technology that collects the comprehensive part of device-based data for fraud monitoring purposes. This expands fraud prevention benchmark beyond online identity verification based on facial recognition and document verification. We will work towards building a new market standard to make the online world a safer place, where customers can trust retailers and vice versa. Merging the two businesses is a logical step to bring all strategically important components of verification technology under our own roof,” he said.
Veriff is a technology company that transforms physical identity to online. Veriff`s breakthrough technology helps organizations establish customer relations quickly and securely. Retailers can focus on risk-free global growth instead of carrying out customer due diligence procedures.
Veriff was founded in 2015 by Kaarel Kotkas who was 20 years old at the time. Last spring, Nordic Business Report picked Kaarel Kotkas as one of the 25 most influential young entrepreneurs in Northern Europe. Veriff currently has close to 100 customers across the world, including finance and sharing economy companies and online department stores. Veriff is an alumnus of the most reputable startup accelerator Y-Combinator, which has raised 8.3 million dollars in venture capital investments. Veriff employs close to 100 people in Tallinn.