- Identity verification and authentication platform Incode announced it raised $220 million in Series B funding at a $1.25 billion valuation.
Incode — a next-generation identity verification and authentication platform for global enterprises — recently announced it has raised $220 million in equity for its Series B funding round, giving the company a $1.25 billion valuation and propelling it to unicorn status less than 7 months following their Series A round.
Incode’s spectacular rate of growth (growing 6x in revenues over the last 12 months) is driving the latest cycle of investments, which comes on top of the company raising $25 million Series A funding in March. And the level of fundraising validates Incode’s leadership in the global digital identity solutions market and its groundbreaking, automated AI-based approach to reinvent the customer experience of the future.
This latest funding round was led by General Atlantic and SoftBank with additional investment from top-tier financial institutions J.P. Morgan, Capital One Ventures, and Coinbase Ventures. And rounding out the fundraising are SVCI (Silicon Valley CISO Investments), a group of over 50 leading technology CISOs that are joining forces and funds to invest in the next generation of cybersecurity innovation, and the founders of dLocal, with participation from existing investors DN Capital, 3L Capital, Framework Ventures, Dila Capital and others.
KEY QUOTES:
“Our ‘One Identity Everywhere’ vision is transforming the way humans experience their identity journeys with companies. We have created an experience that is so seamless and frictionless, it brings that ‘Wow’ moment to the end customer when onboarding to a new bank, checking into a hotel or being admitted to a hospital. By reinventing these experiences, we are building trust and creating delight between enterprises and their customers.”
“The biggest impact that Incode and the identity industry in general can have is to generate trust between people, companies, and institutions. Without trust, interest rates are set higher, processes get complicated, and business becomes more difficult. Trust is the core element that opens financial systems to everyone and allows many more people to participate in a democratic system. At Incode, we create trust by eliminating barriers, reducing costs, and democratizing access.”
— Ricardo Amper, Founder and CEO of Incode Technologies
“Incode is a leader in the digital identity space and has developed a robust solution to address some of the industry’s most significant challenges, particularly around frictionless, secure onboarding and authentication. The company’s unique platform and technology has powered its growth to date, and we look forward to partnering with and supporting Incode as it helps drive the future of identity solutions.”
— Martin Escobari, Co-President, Managing Director and Head of General Atlantic’s business in Latin America
“We are very excited to support Ricardo and all of his amazing team at Incode as they continue expanding globally through enterprise clients, including many of our portfolio companies. Incode provides a world-class suite of digital onboarding and authentication tools, helping its clients manage customer identities while scaling trust and reducing friction.”
— Paulo Passoni, Managing Partner of SoftBank Latin America funds
“Incode is a key strategic partner in helping us to address our identity needs at scale. Incode offers the right combination of world-class technology, security, and seamless experience for our clients.”
— Miguel Lavalle, Account Opening Head at Citi
