WorldPay Group has invested in Veridu, a London-based startup that offers identity solutions for the payments industry.
The London-based startup intends to use the fund to further develop and launch its solutions globally.
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Veridu uses advanced algorithms and people’s social media profiles to score trustworthiness of a person’s identity. With the user’s consent, the information is then shared with the company who has asked to establish trust in their identity, such as a sharing economy platform or online store.
Veridu CEO and founder Rasmus Groth said: "Online businesses who want to compete successfully on a global level can find themselves limited by their ability to verify the identity of their users, especially in some developing countries, where large segments of the population have been excluded from traditional financial services, or may not have official identity documents."
Worldpay vice chairman Ron Kalifa: "We believe identity lies at the heart of payments. One of the biggest challenges merchants face is to accept as many good payments as possible whilst avoiding potentially fraudulent ones. To do this they need to be able to authenticate transactions with confidence, quickly and easily."
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