Amsterdam’s Ver.iD Raises €2M to Expand Digital Identity Verification Platform

Amsterdam-based digital identity verification startup Ver.iD has secured €2 million in new funding to advance its technology platform and expand market presence. The investment comes as Europe’s digital identity landscape undergoes significant transformation, with the European Commission recently adopting technical standards for cross-border digital identity wallets.

Ver.iD specializes in creating advanced digital identity verification technology, with a focus on applications in cross-border payments, liquidity management, and global commerce. The company’s solutions support the European Union’s eIDAS (Electronic Identification, Authentication and Trust Services) framework, which sets standards for electronic identification and trust services across EU member states.

The funding will enable Ver.iD to accelerate its product development initiatives and grow its team. The investment arrives as market demand for digital identity verification solutions continues to expand, driven by increasing requirements for security and regulatory compliance across sectors. Recent industry analysis suggests the biometric digital identity market in the travel sector alone is expected to reach $72 billion in revenue by 2028.

The company’s technology platform centers on three key functions: exchange, store of value, and unit of account, particularly in international transaction contexts. These features position Ver.iD to meet growing needs in the digital identity verification market, especially as organizations worldwide face increasing pressure to comply with stringent data protection regulations like GDPR while maintaining secure and efficient identity verification processes.

Ver.iD’s platform development comes amid broader industry movements toward enhanced cross-border identity verification solutions, exemplified by recent initiatives such as international partnerships in blockchain-based identity verification and the implementation of new European digital identity standards. The company’s emphasis on cross-border capabilities matches the growing demand for seamless, secure international identity verification systems in global commerce and financial services.

Sources: Silicon Canals

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January 02, 2025 – by the ID Tech Editorial Team

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