IdentityMind Raises $10m, Outlines Expansion Plans

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A platform that builds, maintains and analyzes digital identities, IdentityMind Global announced, on Wednesday, that it has closed a USD 10 million round of financing. The new round was co-led by Benhamou Global Ventures and Eastern Link Capital and included Hanna Ventures, Overstock.com, and Zanadu Capital Partners.

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Overstock.com CEO Patrick Byrne said, in a statement: “IdentityMind has been at the forefront of helping companies navigate the regulatory compliance waters of the fast-growing, multi-billion dollar cryptocurrency and ICO industry. ICOs and cryptocurrencies are going mainstream, and IdentityMind is one of the key players in helping ensure transparency, legitimacy, security and compliance which will only lead to faster and greater marketplace adoption.”

The funds will be used to drive expansion in Asia, Latin America, and Europe, said the company in a statement. Funds will also be used to build the company’s new business unit, which is dedicated to providing know your customer (KYC) and anti-money laundering (AML) solutions to address the regulatory and compliance requirements of the initial coin offering (ICO) and cryptocurrency markets.

IdentityMind provides a platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud, according to the company’s statement. As well as AML and KYC, the platform provides transaction-monitoring, sanctions-screening and fraud-prevention solutions.

Due to increasingly frequent identity theft, data breaches and a corresponding loss of personally identifiable information, demand for identity-based solutions is exploding, says IdentityMind. According to the 2017 Norton Cyber Security Insights Report, cyber-criminals were responsible for incurring USD 172 billion worth of damages to 978 million consumers in 20 countries in 2017.

“The market demand for digital identity-based solutions in today’s global digital economy is booming,” said the company’s CEO, Garrett Gafke, in a stement. “IdentityMind, the pioneer in digital identities, with hundreds of customers spanning six continents, is uniquely positioned to meet growing global market demand.”

For more information, visit the company’s website: https://www.identitymindglobal.com

 

 

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About Ken Silva

Ken Silva is a journalist who covers the financial services industry in the Cayman Islands and the British Virgin Islands.

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