LONDON, UK – We are pleased to announce that Updata Partners VI has completed its latest investment, leading a $20 million Series A round for Shufti Pro, a UK-based Identity Verification (IDV) platform. Shufti Pro’s flagship products provide Know Your Customer (KYC) solutions to help clients onboard users digitally, with minimal friction, an increasingly critical requirement in financial services, travel, healthcare and many other markets. Recently, the Company launched a compliance suite including products focused on Anti-Money Laundering (AML) and Know Your Business (KYB); this new product set strengthens ShuftiPro’s ability to protect its clients and their users from fraud and abuse.
Shufti Pro’s growth has been supported by accelerating demand for online IDV capabilities as businesses accelerate digital services and face the need to onboard new customers securely and seamlessly, while also satisfying compliance requirements. By providing a solution that is automated, modular, and configurable the Company can serve traditional IDV, KYC, and AML use cases for customers in regulated industries like financial services, while also supporting new use cases in industries such as FX trading, e-commerce, and the shared economy, where speed, flexibility, and user experience are imperative.
Shufti Pro’s rapid growth, capital efficiency, and impressive unit economics reflect the traits we seek in investment targets. The capital will be used to accelerate sales and marketing both in the United States and globally, and to continue advancing the product roadmap.
Updata will be represented on the Company’s Board by Partner Braden Snyder. We look forward to supporting Shufti Pro’s continued success.
The Company’s press release can be found here.