The proliferation of data breaches based on leaked passwords, and the rising tide of regulation that puts a hard stop on just how much user information can be collected, stored and used by companies have laid bare the holes in simple password and memorable-information-based verification systems.
Today a startup called Persona, which has built a platform to make it easier for organisations to implement more watertight methods based on third-party documentation, real-time evaluation, and AI to verify users, is announcing a funding round, speaking to the shift in the market and subsequent demand for new alternatives to the old way of doing things.
The startup has raised $17.5 million in a Series A from a list of impressive investors that include Coatue and First Round Capital, money that it plans to use to double down on its core product: a platform that businesses and organisations can access by way of an API, which lets them use a variety of documents, from government-issued IDs through to biometrics, to verify that customers are who they say they are.
Current customers include Rippling, Petal, UrbanSitter, Branch, Brex, Postmates, Outdoorsy, Rently, SimpleHealth and Hipcamp, among others. Persona's target user today is any company involved in any kind of online financial transaction to verify for regulatory compliance, fraud prevention and for trust and safety.
The startup is young and is not disclosing valuation. Previously, Persona had raised an undisclosed amount of funding from Kleiner Perkins and FirstRound, according to data from PitchBook. Angels in the company have included Za ..
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