Vouchsafe Secures £1M Pre-Seed Funding to Combat ID Poverty: A Game-Changer in Identity Verification

Vouchsafe, an innovative identity verification platform based in the UK, has successfully secured £1 million in a pre-seed funding round. This funding aims to combat global ID poverty and enhance financial inclusion for millions around the world.

Funding Round Details

The oversubscribed funding round was spearheaded by Bethnal Green Ventures (BGV) and saw participation from notable investors such as Biometric Ventures, Fuel Ventures, and Seed X Liechtenstein. Notably, angel investor Andrew Chevis, CEO of CitizenCard, joined the round, contributing his extensive three-decade expertise in the industry.

Tackling Global Identity Challenges

Vouchsafe focuses on addressing the significant challenges faced by individuals lacking official identification, a situation that impacts an estimated one billion people globally. In the UK, around 11 million individuals do not possess a passport or driving license, hindering their access to essential services like banking and credit.

Alignment with Global Goals

The company’s objectives align closely with the United Nations Sustainable Development Goal 16.9, which emphasizes the importance of providing “Legal Identity for All.”

Innovative Technology for Verification

Vouchsafe’s cutting-edge technology aims to make identity verification more accessible and secure. With the rise of generative AI increasing the risk of sophisticated fraud, Vouchsafe presents a more inclusive alternative to conventional verification methods. Key features of the platform include:

• Acceptance of a wider range of evidence, including real-time digital records such as eVisas.
• Options for users to utilize a trusted referee for verification when conventional ID documents are unavailable.
• Integration of advanced background checks and online footprint analysis to identify fraudulent identities.

Partnerships with Financial Institutions

Vouchsafe is already collaborating with major financial institutions to enhance customer onboarding processes and broaden access to banking and credit services. Furthermore, the company has been selected by the Scottish Government’s CivTech programme to assist individuals facing difficulties in proving their identity, thus enabling better access to public services.

Recognition and Future Prospects

Vouchsafe’s impactful work has garnered recognition, with Mark Elliot, head of CivTech at the Scottish Government, noting, “Vouchsafe was one of the standout successes of the CivTech programme, addressing a challenge that impacts millions. Their identity verification approach is revolutionary, making it easier and faster for public services to reach those in need.”

Paul Miller OBE, managing partner at Bethnal Green Ventures, also expressed excitement about Vouchsafe’s potential, stating, “Vouchsafe is tackling one of the major barriers to financial and digital inclusion. Their innovative identity verification approach could unlock access for millions.”

As Vouchsafe continues to expand its technology and reach, it is poised to make a significant impact in the realm of identity verification and financial inclusion.