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Persona lands $50M for identity verification after seeing 10x YoY revenue growth

Persona lands, a startup founded in 2018 that involves itself in building personalized identity verification platforms, has raised USD 50 million worth of Series B funding from Coatue Management along with Index Ventures. Who led the funding, with the viewpoint to expand its identity verification API portfolio? The company, headquartered in San Francisco, is helping investors by creating a tailored identity verification system equipped with a no-code platform post the funding as mentioned earlier round. The need for identity verification services has been increasing due to the COVID-19 pandemic and increased online commerce. The persona Land was able to secure strategic funding in May 2021.

Coatue Management, an ongoing supporter, joined Index Ventures in leading the financing. Persona raised USD 17.5 million in Series A financing at the end of January 2020. However, Mark Goldberg, a partner at Index Ventures, will join the Persona lands board of directors. The organization preferred not to disclose the valuation at which this most recent round raised.

There are now more distinct corporate use cases for identity verification than ever before as more transactions go online. For a good reason, the one-size-fits-all approach to identification is losing favor. Using Persona’s API platform, companies can access a pool of documents that can fall anywhere in the range from government IDs issued via biometrics to customer verification. Through this, the organizations aim to develop a whole-proof customer verification process. It will enable third-party documentation and live selfie checks and AI to facilitate its real-time evaluation practice of customer verification.

The Persona platform also accumulates passive data from users’ devices, and whereabouts. Behavioral patterns create an even more comprehensive picture of their risk profile. Depending on the customer’s demands, it offers low-code and no-code options.

The company’s numeric performance reflects its exponential growth over the years. While the headcount of the company almost tripled, its revenue underwent a growth equivalent to approximately ten times. The customer reach and penetration of the company have increased five times over the previous year.

Rick Song, the CEO of Persona lands, credits the platform’s growth to the popularity and market penetration that machine learning and artificial intelligence have tried to attain and sustain for over a decade. He also highlighted how the room for customization and adaptations based on individual needs and requirements would be an identifying factor in the future. As a result, Persona’s potential to serve businesses with unique use scenarios with a SaaS platform that involves minimal to no coding. Therefore, less effort from their engineering teams, according to Song, may be intimately correlated to the company’s future growth.

In conclusion, It enables the system to prevent fraud, enforce compliance, and foster a culture of trust and safety. Make it simpler for them to customize the identity verification to business requirements. Customers include Square, Robinhood, Sonder, Brex, Udemy, Gusto, BlockFi, and AngelList, among others. They come from a wide range of industries.

The platform aims to provide different identity verification processes for different businesses. For instance, a travel company, a courier service provider, or a crypto company will have three utterly unique platforms for identity verification and management tailored according to the requirement of the individual business. If a company wants to stand out, even one in the same industry should personalize each customer’s identity verification experience.

Beyond sign-on and verification, Persona aims to assist users on various related fronts. As a result, it has created an identity framework to assist businesses at critical junctures during a relationship’s complete duration. However, in actuality, existing customers discovering new use cases within the platform. In addition, new customers joining up, accounted for a large portion of the company’s growth in the previous year. It observed how long-time users expand their use of Persona’s platform. As an illustration, it can be collaborating with a portion of its clientele on a particular use case while also assisting them with ten various issues. Ranging from account opening to bad actor investigations to account recovery, among others. These factors anticipated being major factors driving the company’s growth.

After keeping a keen and observant eye on the company’s growth in terms of numbers. Index Venture’s finance entity is vouched for its confidence to be associated with a user-friendly and powerful tool from Persona lands. It resonates with a broader range of users due to its personalization features and modular block-based strategy. On the internet, there are numerous ways to confirm that a user is who they claim to be or are not. If users allowed the freedom to choose the best route to arrive at a yes or no afar better results can be anticipated from the system. The use cases were not pre-packaged, and they might expect the capability to personalized. Persona intends to use its new funding to substantially increase. Its player pool by the end of the year to support its expansion and keep developing the company.

Secure and Sift are two further businesses in the sector that have recently raised significant amounts of capital.

About the company

Persona provides identity infrastructure that allows companies to develop comprehensively customizable and automated identity verification tools for almost any use case. The platform offers structural components to facilitate cooperation in tailoring ways to gather, validate, and decide on client IDs. Persona established in 2018 and has its main office in San Francisco. It is functional in 190+ locations across the globe and 20 distinct languages. The business that needs to authenticate their clients online can use Persona, including those in retail, fintech, marketplaces, delivery services, real estate, hospitality, HR, tech, legal services, home and childcare services, and various other business catering to identity, security, compliance, PII, KYC, AML, fraud, and verification.

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