Vouched, an AI-powered identity verification platform, announced today a $6.3 million funding round led by BHG VC and SpringRock Ventures, as well as previous investors Darrell Cavens and Mark Vadon.
Vouched’s plans for expansion build on the company’s rapid growth in the last year. More than 300 banks, fintechs, and healthcare providers, including Alloy and Hims Health, now use the service. Vouched’s proprietary artificial intelligence and computer vision platform now covers more than 85% of the world’s population.
Vouched CEO John Baird said that the company’s AI-powered identity verification platform provides the industry’s most accurate and seamless solution, enabling businesses to securely accelerate onboarding, provide a frictionless customer experience, and unlock new growth opportunities. Baird also expressed the company’s commitment to enhancing the platform’s value to the healthcare market and maintaining its position as a trusted partner for businesses in highly regulated industries.
The latest funding will be used to improve the company’s platform, recruit top-tier talent, and expand its support for financial services and health tech businesses. Vouched, which was founded in 2018, has raised more than $18 million to date.
Fast and accurate identity verification tools will become the de facto standard as businesses continue to shift toward digital-first strategies. According to a McKinsey Digital report, by 2030, digital identity is expected to generate economic value equivalent to 6% of GDP in emerging economies and 3% of GDP in mature economies. It is more important than ever for the financial and healthcare sectors to maintain full regulatory compliance while focusing on providing a secure and seamless online experience to their existing customers.