Incode hits unicorn status after $220m funding round

San Francisco-based Incode has raised $220m in a Series B funding round at a $1.25bn valuation

ID check on mobile phone                                 
CEO Ricardo Amper says the funding will accelerate the firm’s product development and marketing efforts – Photo: Shutterstock
                                

San Francisco-based identity verification platform Incode has raised $220m in a Series B equity funding round at a $1.25 billion valuation. The funding, which comes just seven months after it raised $25m in its Series A round, has propelled the start-up into unicorn territory. 

The round was led by General Atlantic and SoftBank, with additional investment from JP Morgan, Capital One Ventures and Coinbase Ventures. CEO Ricardo Amper said the funding will accelerate the firm’s product development, customer support and marketing efforts.

Demand for identity verification

Incode is growing fast – it reported a six-fold growth in revenue over the last 12 months. And the demand is clearly there, as the identity verification market is expected to hit $21bn by 2026, according to research by Market Research Future (MRFR). 

Identity theft cases are increasingly rapidly, and many companies are stepping up their verification efforts in order to safeguard their customers. In 2020, the Federal Trade Commission (FTC) received 4.8 million identity theft and fraud reports, up 45% from 3.3 million in 2019. 

The five-year-old firm, however, believes it has the right technology stack to disrupt in what is already a crowded space, and to take on verification titans such as Jumio, Trulioo and Onfido that are already competing for market share.

“Our ‘One Identity Everywhere’ vision is transforming the way humans experience their identity journeys with companies,” said Ricardo Amper, founder and CEO of Incode Technologies. 

“We have created an experience that is seamless and frictionless. By reinventing these experiences, we are building trust and creating delight between enterprises and their customers.”

“A robust solution”

Martin Escobari, co-president, managing director and head of General Atlantic’s business in Latin America, added: “Incode is a leader in the digital identity space and has developed a robust solution to address some of the industry’s most significant challenges, particularly around frictionless, secure onboarding and authentication.

“The company’s unique platform and technology has powered its growth to date, and we look forward to partnering with and supporting Incode as it helps drive the future of identity solutions.”

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