Written by Christina Levada
Vouchsafe, the next-generation identity verification platform dedicated to solving global ID poverty, today announced the successful £1m close of their oversubscribed pre-seed round.
The round was led by Bethnal Green Ventures (BGV) and supported by Biometric Ventures, Fuel Ventures, Seed X Liechtenstein, along with angel investor Andrew Chevis, CEO of CitizenCard, who brings 30 years of industry expertise.
Solving ID poverty at home and worldwide
One billion people around the world don’t have good photo ID. In the UK, 11 million people have neither a passport nor driving licence. It’s getting harder to access life’s essentials without identity documents, particularly banking and credit. Vouchsafe’s work aligns with the United Nations Sustainable Development Goal 16.9, which calls for “Legal Identity for All.” ID poverty affects people at every stage of life, and contributes to financial exclusion and the poverty premium.
The next generation of identity verification
Vouchsafe’s approach balances accessibility and security in an era of rising fraud risks. As generative AI makes identity fraud more sophisticated, businesses need smarter, more inclusive ways to verify users without putting up more barriers to access.
To achieve this, Vouchsafe:
- accepts a wider range of evidence than incumbents, including real-time digital evidence like eVisas
- offers fallback options like a vouch from a trusted referee, giving every user a fair chance
- provides market-leading background checks, including online footprint analysis, to detect made-up identities
Trusted by governments
Vouchsafe is already having an impact and is scaling fast. They are working with leading financial services firms to apply the technology to banking and credit. They were also chosen by the Scottish Government to help provide public services to people who struggle with proving their identity, through the CivTech programme.
Mark Elliot, Head of CivTech, Scottish Government, said:
"Vouchsafe was one of the standout successes of the CivTech programme, tackling a challenge that affects millions. Their approach to identity verification is a game-changer, making it easier, faster, and more cost-effective for public services to reach those who need them most.”
“This funding is a testament to the impact they are already making, and I’m excited to see how they scale their work to help even more people access vital services."
Paul Miller OBE, Managing Partner at Bethnal Green Ventures, added:
"Vouchsafe is addressing one of the biggest barriers to financial and digital inclusion. Their innovative approach to identity verification has the potential to unlock access for millions of people.We’re excited to support Chloe, Jaye, and the team as they take this technology to the next level."
Mark Pearson, Managing Partner of Fuel Ventures, shared:
“The opportunity for disruption is huge and the Vouchsafe team are well-placed to be a driving force for digital inclusion. Even at this pre-seed stage, they have found real-world applications for their platform which is significant.”
About Vouchsafe
Vouchsafe is a tech-for-good company solving ID poverty. Their platform helps businesses safely onboard more users without relying on photo ID. They do this by accepting a wide range of evidence, combined with best-in-class background checks, along with safety nets like a vouch from a trusted referee.
- https://blogs.worldbank.org/en/voices/global-identification-challenge-who-are-1-billion-people-without-proof-identity
- https://www.newstatesman.com/politics/2021/05/more-three-million-uk-voters-have-no-form-photo-id
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