Incode Technologies Cements Unicorn Status Following $220M Series B
As the remote work era stretches into 2022, companies across the U.S. and around the world continue to look for new ways to enhance their digital security operations. As a result, the cybersecurity industry is booming and investments continue to pour in for virtual safety guards everywhere. Identity verification platform Incode Technologies is no exception.
The San Francisco-based company announced Tuesday that it raised $220 million in fresh financing. The Series B, led by General Atlantic and SoftBank, cements the company’s status as a unicorn with a valuation of $1.25 billion.
The latest raise comes less than seven months following the company’s $25 million Series A. This flurry of investments were no doubt driven by the company’s rapid rate of growth. Over the last 12 months, Incode grew its revenues 6x, according to the company.
Incode provides companies with a secure way to onboard and authenticate their customers. The fully automated platform can be used to verify everything from fingerprints and faces to addresses and social security numbers. The company’s enterprise clients can choose from any number of these tools in addition to several others in order to build their own verification workflows.
“Our ‘one identity everywhere’ vision is transforming the way humans experience their identity journeys with companies,” Ricardo Amper, the company’s founder and CEO, said in a statement.
Unlike many of its peers in the identity verification field, Incode owns its entire technology stack and its end-to-end platform works across multiple digital channels. In addition to its onboarding and authentication services, the company also offers products focused on payment verification.
“The biggest impact that [this company] and the identity industry in general can have is to generate trust between people, companies and institutions,” Amper continued. “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.”
Incode will use the newly acquired capital to expand its team as it continues to scale. The company is now hiring for 21 roles across its engineering, recruiting and product teams, to name a few. More than half of the jobs up for grabs are available to work remote.
Incode Technologies has raised $157.7 million in venture capital financing to date, according to Crunchbase.
Additional investors J.P. Morgan, Capital One Ventures and Coinbase Ventures participated in the round, among others.