Startups > Veriff

Veriff

Veriff helps businesses verify customer identity in seconds using AI.

Series C $200M total Founded 2015 Tallinn, Harjumaa

Veriff is an AI-powered identity verification platform that automatically verifies customer identities using facial recognition, document validation, and behavioral analysis. The company serves fintech, marketplaces, and regulated industries through an API-based service that achieves 99.6% fraud detection accuracy in ~6 seconds. Veriff differentiates itself with support for 12,500+ identity documents (vs. competitors' ~2,500) and industry-leading speed, enabling businesses to reduce verification drop-offs and improve conversion rates.

Problem solved

Businesses need fast, accurate identity verification to prevent fraud and comply with regulations, but manual processes are slow and create friction that increases user drop-off.

Target customer

Fintech companies, marketplaces, and regulated industries (crypto, lending, payments) requiring KYC/AML compliance and fraud prevention at scale.

Website LinkedIn Crunchbase

Founders

Kaarel Kotkas

Founder & CEO

Founded Veriff at age 20 in 2015 after working on verification operations at Wise; previously co-founded an online temp firm and electronics firm in Estonia. Awarded EY Entrepreneur of the Year Estonia 2020, Forbes 30 Under 30 Europe.

Janer Gorohhov

Co-Founder & Chief Product Officer

Co-founder and CPO at Veriff; motivated by the vision and learning opportunity in the identity verification space.

Funding history

Seed €60,000 October 2015 Led by Early banking partner · Unknown

Series B $69M 2021 Led by IVP, Accel · Unknown

Series C $100M January 2022 Led by Tiger Global, Alkeon · IVP, Accel

Total raised: $200M

Industries

Fraud Detection Cyber Security Identity Management Information Technology

Pricing

Usage-based and subscription models. $1.39 per ID verification in regulated industries. Plans range from Self-Serve to Enterprise with custom pricing.

Notable customers

Bolt, Deel, Monese, Starship, Super Awesome, Trustpilot, Wise, Submittable, JTI

Website

veriff.com/

Competitors

Jumio

Comparable verification capabilities but narrower document coverage; less emphasis on fraud detection features like FaceBlock and CrossLinks.

Onfido

Supports ~2,500 identity documents vs. Veriff's 12,500+; slower verification speed (30-60 seconds vs. ~6 seconds); less advanced in-house fraud team.

Sumsub

Full-stack compliance platform but less specialized in speed; broader feature set can introduce complexity vs. Veriff's focused verification expertise.

IDnow

European-focused with stronger presence in DACH region; smaller document coverage and less AI-driven fraud detection than Veriff.

Persona

US-focused identity verification with less global document support; manual review workflows introduce latency vs. Veriff's automated approach.

iDenfy

Smaller competitor with limited document coverage and less advanced fraud detection capabilities compared to Veriff's proprietary AI.

Why this matters: Veriff has achieved unicorn status ($1.5B valuation) in the competitive identity verification space by focusing relentlessly on speed and document coverage—two factors that directly impact user conversion rates and global expansion for fintech platforms. The company's 75% YoY revenue growth and 60% customer expansion in 2024, combined with recognition as 'Fraud Prevention Solution Provider of the Year' and Category Leader across three Enterprise Fraud quadrants, demonstrate it's become the category leader in automated identity verification.

Best for: Fintech platforms, marketplaces, and regulated businesses needing fast, accurate identity verification to comply with KYC/AML requirements while minimizing user friction.

Use cases

Marketplace Seller Onboarding

Starship Technologies uses Veriff to securely verify customers interacting with their autonomous delivery robot fleet. The quick verification process minimizes friction during signup while ensuring only legitimate users access the service.

Government Emergency Relief Distribution

Submittable distributed $1.25bn in CARES Act funding using Veriff to verify applicants across 18 emergency grant programs, processing 5,000 applications daily. Automated verification ensured rapid fund disbursement to those in need.

Review Platform Fraud Prevention

Trustpilot reduced fake reviews by 50% using Veriff's identity verification, ensuring higher integrity of user feedback. This protects both businesses and consumers from manipulated review scores.

User Conversion Optimization

JTI achieved a 223% increase in customer conversion rates by implementing Veriff's fast verification process, growing verified users from 11,000 to 37,000. Reduced verification friction directly improved signup completion rates.

Alternatives

Onfido Choose Onfido if you prioritize a larger platform with additional services like AML screening; choose Veriff for speed and broader document coverage.

Jumio Jumio offers comparable verification but with less specialized fraud detection; Veriff excels in pure verification speed and document coverage.

Sumsub Sumsub provides broader compliance workflows and AML integration; Veriff is purpose-built for fast, accurate identity verification with lower latency.

FAQ

What does Veriff do? +

Veriff is an AI-powered identity verification platform that automatically verifies users by analyzing government-issued documents, facial recognition, device fingerprinting, and behavioral signals. The service delivers verification decisions in ~6 seconds with 99.6% fraud detection accuracy, helping businesses prevent identity fraud and comply with KYC/AML regulations.

How much does Veriff cost? +

Veriff charges $1.39 per identity verification in regulated industries with flexible subscription and usage-based pricing models. They offer Self-Serve, Mid-Market, and Enterprise plans with custom pricing available for high-volume customers. Contact their sales team for specific quotes based on your volume and use case.

What are alternatives to Veriff? +

Key alternatives include Onfido (broader platform with AML features), Jumio (comparable verification capabilities), Sumsub (full compliance platform), IDnow (European-focused), Persona (US-focused), and iDenfy (budget alternative). Veriff differentiates with 12,500+ document support and ~6-second verification speed.

Who uses Veriff? +

Veriff serves fintech companies, marketplaces, and regulated industries including Bolt, Wise, Deel, Monese, Starship, Trustpilot, and Submittable. Target customers include crypto platforms, lending services, payments companies, and any business requiring fast KYC/AML verification to reduce fraud and user drop-off.

How does Veriff compare to Onfido? +

Veriff supports 12,500+ identity documents vs. Onfido's ~2,500, enabling verification across more global markets. Veriff's average verification time is ~6 seconds compared to Onfido's 30-60 seconds (up to 5 minutes with manual review), resulting in higher conversion rates. Veriff focuses on specialized identity verification while Onfido offers a broader compliance platform with additional services like AML screening.