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Tiger Global, Alkeon led funding round values Veriff at $1.5 billion

Jan 26 (Reuters) - Tiger Global Management and Alkeon Capital led a $100 million financing round for Veriff, valuing the identity verification startup at $1.5 billion, the company said on Wednesday.

Veriff, which has raised $200 million in external funding including the latest round, is among a new generation of tech startups that have doubled down on the business of online identity verification.

Cybersecurity services have witnessed an unprecedented boom during the pandemic as companies moved to remote working environments and ramped up spending on security services including identity verification.

"Organizations and consumers needed to verify identities online more than ever before in 2021 - from onboarding remote employees, to creating a safe space for gaming in the metaverse, and conducting business fully online," Chief Executive Officer Kaarel Kotkas said.

Founded in 2015, Tallinn, Estonia-based Veriff offers clients including Visa and Amazon Web Services a wide range of services and technology tools including identity verification software, facial recognition and assisted image capture. The company's solutions have been used for age verification, driver validation and background checks, among other things.

The company said its software has been used to match people to more than 10,000 government-issued IDs from over 190 countries in 40 languages.

Veriff counts Accel, IVP and Mosaic Ventures as its most prominent backers. (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Vinay Dwivedi)