Incode Moves to Unicorn Status with $220M in Series B Funding

Identity verification and authentication platform Incode has generated $220 million in its Series B funding round, pushing the company’s valuation to $1.25 billion and propelling it to unicorn status, the company announced in a Tuesday (Dec. 7) press release. General Atlantic and SoftBank led the funding round, which saw additional participation from J.P. Morgan, Capital One Ventures and Coinbase Ventures.

Silicon Valley CISO Investments, a group of 50 technology CISOs, also participated in the round, as did existing investors DN Capital, 3L Capital, Framework Ventures and Dila Capital, according to the announcement.

The company says its six-fold revenue increase over the last year is driving the latest round of investments. In March, Incode netted $25 million in Series A funding.

Incode employs an automated, artificial intelligence (AI)-powered solution as part of its digital identity platform.

“Our ‘One Identity Everywhere’ vision is transforming the way humans experience their identity journeys with companies,” said Ricardo Amper, Incode’s founder and CEO. “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.”

Identity verification is becoming ever more important as identity theft and cybercrimes have skyrocketed since the beginning of the pandemic. In 2020, identity theft resulted in the loss of $56 billion for U.S. consumers, according to PYMNTS.

See also: Monetizing Digital Intent

In response to higher instances of identity theft, companies are stepping up their verification services. Global identity verification company Trulioo announced this week that it would broaden its service with U.S. student records included in the company’s GlobalGateway marketplace, as PYMNTS reported. With the addition, Trulioo customers can verify the identity of 97% of U.S. students – more than 18 million.

Read more: Trulioo Launches ID Verification for Gen Z, Student Inclusion 

And last week, Moody’s Corporation announced its plan to acquire PassFort Limited and kompany to bolster its know your customer (KYC) capabilities.

Related news: Moody’s Acquires Two European KYC Firms