Vouched announced $6.3 million financing led by BHG VC and SpringRock Ventures, as well as prior investors Darrell Cavens and Mark Vadon.
Vouched’s expansion plans build upon the company’s rapid growth over the past year. The company now serves more than 300 banks, fintechs, and healthcare providers, including Alloy and Hims Health. Vouched’s proprietary AI and computer vision platform now covers more than 85% of the global population.
“Vouched delivers the industry’s most accurate and seamless identity verification AI, enabling companies to securely accelerate onboarding, provide frictionless customer experience, and unlock new growth opportunities,” said John Baird, CEO, Vouched. “We look forward to enhancing the value of our identity verification platform to the healthcare market, and ensuring we remain a trusted partner-of-choice for businesses in highly regulated markets who want a solution that can prioritize both compliance and growth.”
As businesses continue to migrate toward digital-first strategies, fast and accurate identity verification tools will become the de facto standard. By 2030, digital identity is forecast to create economic value equivalent to six percent of GDP in emerging economies on a per-country basis and three percent in mature economies, according to a report from McKinsey Digital.
It is more critical than ever for financial and healthcare verticals to ensure they are in full regulatory compliance while remaining focused on delivering a secure and seamless online experience to their existing and prospective customers.
“SpringRock Ventures recognizes the increasing importance of high reliability, real-time identity verification for expanding, consumer centric businesses such as telehealth, banking, or hospitality.” said Kirsten Morbeck, Managing Director at SpringRock Ventures. “Vouched has built an automated, AI-powered, proprietary solution that is faster, more accurate, more configurable, more scalable and less expensive than existing solutions. Vouched is poised to be a leader in providing this lynchpin of consumer confidence and transaction security to help businesses grow faster.”
“Covid-19 has accelerated demand for digital identity verification while fundamentally shifting more business processes online,” says Andrew Stone, SVP, Fraud Management & Financial Crimes at BHG Financial. “With this knowledge, BHG VC has been impressed by the platform’s growth and development, and we’re excited for the company’s success in regulated industries, including financial services and healthcare.”
The company will use its latest financing to enhance its platform, recruit top-tier talent, and extend its support for financial services and healthtech businesses. Founded in 2018, Vouched has raised more than $18 million to date.