9 of the 15 most successful FinTech companies in Germany rely on IDnow for their online identification needs. IDnow also occupies a very strong position in the traditional banking sector.
MUNICH, Oct. 8, 2019 /PRNewswire/ -- IDnow (www.idnow.io), the provider of Identity Verification-as-a-Service solutions with over 250 clients such as N26, Commerzbank and UBS, has attained a leading market position among Germany's top FinTechs and banks in recent years. 9 of the top 15 German fintechs* and 5 of the 10 largest banks** use IDnow for simple and fast customer onboarding. No other provider in the market works together with so many of Germany's top fintechs.
IDnow is currently the most widely used provider of digital contracting and onboarding processes among the country's most successful FinTech companies. For clients such as N26, raisin or wefox, the highly developed AI and machine learning technology behind IDnow products is particularly important. This enables extremely fast and, above all, reliable processes and first-class results.
"We are very proud that we are so popular among German FinTechs," says Andreas Bodczek, CEO of IDnow. "Long-term, intensive investment in our technology has paid off and we can present a first-class, stable technology for which our clients appreciate and recommend us."
IDnow products are also highly regarded in the traditional banking market. Among the 10 most important banks** in Germany, 5 already use IDnow as a partner for online identity verification.
"It is very exciting for us to simultaneously work with the most innovative companies in Germany and world-class banks and to be able to function as a one-stop shop for their various needs. We have invested heavily in our platform technology over the past few years and that pays off for us and our clients," continues Andreas Bodczek.
The highly developed technology that has helped IDnow to achieve this strong market position now also forms the basis for the company's latest flagship: IDnow AutoIdent. The product, which is based entirely on artificial intelligence, is the focus of the growth strategy. The innovative, fully automated solution is in great demand, not only in Germany, but also in international markets.
IDnow is on a strong growth course. Having opened a French subsidiary in January this year, the company has successfully built up a team for expansion into the Anglo-American market in recent months. Several months ago, IDnow, under the leadership of former Telefónica Deutschland CEO Andreas Bodczek, announced the 100 million Euro turnover target for 2023.
With its Identity Verification-as-a-Service (IVaaS) platform, IDnow has set out to make the connected world a safer place. IDnow's unmanipulable identity verification is used across industries conducting online customer interactions that require a high degree of security. IDnow uses artificial intelligence to check all security features on ID documents and can therefore reliably identify forged documents. Potentially, the identities of more than 7 billion customers from 193 different countries can be verified in real-time. In addition to safety, the focus is also on an uncomplicated application for the customer. With five out of five stars on the Trustpilot customer rating portal, the technology is particularly user-friendly.
IDnow covers a wide range of use cases both in regulated sectors in Europe and for completely new digital business models worldwide. The platform allows the identity flow to be adapted to different regional, legal and business requirements on a per use case basis.
IDnow is supported by venture capital investors BayBG, Seventure Partner, G+D Ventures and Jet A as well as a consortium of renowned business angels. Its portfolio of over 250 customers includes leading international companies from various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Raisin (Weltsparen), Sixt, solarisBank, Telefonica Deutschland, UBS, Western Union and wirecard as well as fintechs such as Fidor, N26, smava, and wefox.
*Source: Crunchbase, Top 15 Fintechs in Deutschland nach Finanzierungshöhe (2019)
**Source: Bankenverband | Liste der Top 10 Banken nach Anzahl der Filialen (2017)