Highlights:

  • ID developed “advanced digital identity verification technology,” with applications in cross-border payments, global commerce, and liquidity management.
  • ID’s platform helps applications comply with eIDAS 2.0, reducing fraud and data breach risks while simplifying user experiences.

Recently, Digital identity verification startup which is formally registered as Subst.id B.V., Ver.ID has secured €2 million (USD 2.05 million) in the funding round.

The funding, sourced entirely from angel investors, will support the startup in helping European companies comply with new technical standards for cross-border digital identity wallets introduced by the European Union last year, according to EU-Startups.

Ver.ID, the developer of what it describes as “advanced digital identity verification technology,” highlights its product’s applications in cross-border payments, global commerce, and liquidity management. Notably, its platform aligns with the EU’s new Electronic Identification, Authentication, and Trust Services 2.0 framework, enacted last year, which establishes updated standards for digital identification services across EU member states.

The Amsterdam-based startup plans to use the funds from its latest round to advance product development and grow its team. It reports rising demand from European companies for digital identity verification solutions, spurred by the need to meet new security and regulatory compliance standards across various industries. The company references a study projecting that global revenue for biometric digital identity tools could reach USD 72 billion by 2028.

Ver.ID states that its platform equips applications with the tools needed to comply with eIDAS 2.0, while reducing fraud and data breach risks and streamlining user experiences. The platform supports multiple payment methods and integrates seamlessly with various digital ID wallets and other verification systems.

The startup reports that its software is currently being piloted with the Netherlands’ Chamber of Commerce to enable executives to access authorization data via ID wallets.

Ver.ID co-founder and CEO Robert van Altena explained that the company’s software minimizes fraud and data breaches by handling only the data required for customer verification, keeping sensitive financial information private. “This approach enhances privacy while making onboarding and verification processes faster, safer, and more user-friendly,” he stated.

The recent funding provides the company with short-term support, but it is also seeking to raise an additional USD 4.2 million through a seed funding round to drive its expansion across European markets, the company stated.