In our increasingly digital world, companies are tasked with ensuring a frictionless and safe online experience for their customers. Vouched lets businesses verify and onboard customers while meeting compliance requirements. The company announced it raised a $6.3 million funding round co-led by BHG VC and SpringRock Ventures on Monday.
Vouched offers an API-based solution that uses artificial intelligence to help companies verify their customers, patients and partners idenitites while providing these end-users with a seamless experience. Its identity verification tech also serves to help companies unlock new growth opportunities and reduce operational costs, according to John Baird, Vouched’s CEO.
“The company does this through a proprietary AI solution that delivers complete identity verification to meet businesses’ know-your-customer or patient requirements,” Baird told Built In via email. “Vouched uniquely applies dozens of proprietary AI models along with robust data checks that work simultaneously to verify individuals and identify more than 99 percent of known fraud cases, which we believe is one of the highest levels of fraud sensitivity detection rates in the industry.”
Vouched has recorded rapid growth over the past year. To date, the company said it has served more than 300 banks, fintech companies, healthcare providers, hospitality brands and gaming developers, such as Allow and Hims & Hers Health. Vouched’s AI and computer vision tech covers over 85 percent of the world’s population, according to the company.
Building on this momentum, Vouched plans to put its new capital toward enhancing its AI solution and extending support for financial services and healthtech businesses. It expects to grow significantly over the next year as it pursues its goal of unlocking access to critical services like banking and healthcare.
As it anticipates this large growth, Baird said Vouched expects to expand its team substantially in 2023.
