Identity verification platform Veriff reported substantial growth in Q4 2024, achieving 75 percent year-over-year revenue growth and expanding its customer base by 60 percent compared to the same period in 2023. The company tripled its business volumes throughout 2024, with particularly strong performance in Latin America where volumes grew 2.5 times, building on its expanding presence in the region amid rising demand for secure digital identity solutions.
The company’s growth coincides with increasing market demand for AI-driven identity verification and fraud prevention solutions, particularly as organizations face rising fraud attacks and sophisticated deepfakes. This trend has accelerated since Veriff’s $69 million Series B funding round in 2021, which helped fuel its product development and market expansion. While the United States remains Veriff’s primary market for both volume and revenue, the company is expanding its global presence.
In 2024, Veriff enhanced its product portfolio with several key updates, including the release of Full Auto IDV v3, which employs advanced AI algorithms for automated identity verification. The company also upgraded its Biometric Authentication system and achieved iBeta Level 2 biometric liveness detection compliance – a rigorous industry standard that validates the system’s ability to detect sophisticated presentation attacks. Additionally, Veriff introduced the FaceBlock feature for its Self-Serve platform, building upon its Face Match authentication technology.
“Veriff is in the strongest position ever – we are the fastest growing company in the identity space with a solid balance sheet, and we are focusing on profitable growth,” said Veriff founder and CEO Kaarel Kotkas, who also emphasized the company’s ability to improve verification accuracy through continuous learning: “While others treat each verification as the first one they see, we’re getting smarter and more accurate with every session, enabling our customers to onboard trusted people.”
Looking ahead to 2025, Veriff plans to strengthen its presence in Latin America by establishing a new technology hub in São Paulo, Brazil, scheduled to open in spring 2025. The company’s solutions currently serve various global applications, including online payments and ride-hailing services, affecting hundreds of millions of users worldwide. This expansion follows successful implementations with major clients like Deel, which uses Veriff for secure employee onboarding.
Since its founding in Tallinn, Estonia in 2015, Veriff has achieved several significant milestones, including graduating from Y Combinator in 2018, securing multiple rounds of funding, and reaching unicorn status in 2022 with a $1.5 billion valuation. The company has expanded to serve clients in over 190 countries and developed capabilities to verify more than 10,000 government-issued IDs globally, positioning itself as a key player in the rapidly evolving digital identity verification landscape.
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January 7, 2025 – by Ji-seo Kim
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