Mexican digital identity platform Tu Identidad raised an undisclosed round from Finnnovista, Darkhorse.mx and others.
(Yahoo Finance) Tu Identidad , a digital identity platform that is transforming the Know Your Customer (KYC) and identity verification processes for its customers, receives an investment led by Dark Horse Ventures, as well as other investors including Finnovista.
Tu Identidad is creating a portable, user-owned, standardized digital ID credential that is relevant to a large majority of businesses and individuals in Mexico. Today, business processes for identity verification are inefficient across industries in Mexico, and many businesses and individuals waste valuable time and money as a result. The innovative solution offered by Tu Identidad allows individuals to create and control their digital identities on their mobile device, which streamlines business processes for companies from employee and client onboarding to routine identity verifications. The Tu Identidad platform is available in Android & iOS and will be ready soon for desktop web.
The capital raised will allow Tu Identidad to continue developing its technology, add new features and services to the platform and drive international expansion. The Company’s vision is to create an ecosystem of ID verification that is useful for users and businesses at any time of the day: whether facilitating routine identity verification checks or KYC and onboarding processes for banks and other businesses.
QUOTE TU IDENTIDAD
“We are very proud about our innovative solution and we are strongly convinced that we will be able to change the paradigm to identify a person. This important milestone will help us to make our dream come true. Our team knows the problem very well from the trenches since it has dealt directly with the current existing friction and constraints the regulation poses on the customers and institutions.” said Ricardo Robledo, CEO of Tu Identidad.
QUOTE DARK HORSE VENTURES
“ID-verification-as-a-service represents a very attractive opportunity for Mexico and Latin America, regions where regulatory-driven requirements have led to expensive and inefficient business processes. Tu Identidad resolves a real problem faced by Mexican individuals and businesses, offering a safe, streamlined solution to identity proofing and regulatory identification, as well as preventing identity fraud. We completely support Tu Identidad’s vision and, thanks to the qualifications and experience of the team, we are very confident that they will achieve it.” said Nicholas Broz, founding partner of Dark Horse Ventures.
“We have been supporting Tu Identidad since its initial stage, convinced that both identity validation and KYC processes are now a big hurdle for banks, insurers, governments and sharing economy companies. The team at Tu Identidad has conceived the right technologies and means to address those challenges in a cost-efficient way, and this financing round will leverage their efforts to become a standard for the financial industry and beyond.” said Fermín Bueno, Managing Partner of Finnovista.
About Tu Identidad
Tu Identidad was founded in 2017 in Mexico City by a group of seasoned ex-bankers, corporate lawyers and information technology specialists, each with more than 20 years of experience in their respective fields. The Company’s technology partner was awarded “Partner of the Year” by Microsoft Mexico in both 2017 and 2018. In addition, Tu Identidad won the 2018 FINNOSUMMIT Challenge, sponsored by Scotiabank, and was named “The Most Innovative Mobile Application in Mexico”. For more information please visit www.tuidentidad.com.
About Dark Horse Ventures
Dark Horse Ventures (“DHV”) is a U.S. venture capital fund that invests in early-stage, high-impact companies in Mexico and Latin America. Founded in 2019, DHV invests in sectors such as fintech, health, education, financial services and basic services. For more information please contact [email protected].
Finnovista is an impact organization that empowers Fintech and Insurtech ecosystems in Latin America and Spain through a collaborative platform that encompasses acceleration and scale programs, conferences, hackathons, research, competitions and a dedicated Fintech co-creation space. For more information visit www.finnovista.com where you can find additional details.