Start-ups provide ID checks to an increasingly diverse range of clients
In India, digital authentication and identification start-ups are seeing rising demand from sharing economy firms and large employers, as well as financial services companies, according to an article in the Economic Times. IDfy, Veri5Digital, inVOID and Yoti told the publication they are increasingly being asked by enterprises to identify employees, and run checks on “gig economy workers” and providers of shared services, such as bike and car rentals.
The article says these start-ups now generate between 30% and 50% of their revenues from businesses outside financial services, up from about 15% a year ago. For example, inVOID says about 45% of its business is generated by Nestaway, Mobycy, ONN Bikes, OnTrack, ZoloStays and other sharing economy companies. The company claims it does around 20,000 verification checks a day and is growing at 30% each month.
“One of our most used offerings is the face recognition software, which ensures that the applicant’s face matches fully with the government-approved document that they are mandated to provide,” added Saru Tumuluri, CEO of Khosla Labs, an investor in Veri5Digital, which works with used phone dealer Cashify and ride sharing app Quick Ride. Meanwhile, IDfy said it is generating about 30% of its revenues from enterprises wanting to verify job applicants and employees.Separately, nearly 40% of consumers in North America and Europe have personally had their identity stolen or been the victim of fraud, according to a survey of 7,000 consumers, by Ekata, a global provider of digital identity verification data.