IDENFY
27.1.2022 10:49:14 CET | Business Wire | Press release
iDenfy, which began its journey in 2017 as a Lithuanian startup, takes a look back to share about the company’s early days and the road it took to get to where it is today.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220121005320/en/
Even though iDenfy started to run in 2017, the idea goes back to 2015. Many industries, especially banking, weren't regulated to the extent they are now. Automated identity verification solutions dominated the marketplace but lacked security. The people behind the company decided to develop a supervised ID verification solution, and the decision remains at the core of the company today.
Innovations and adaptations
Even though iDenfy’s solution was rather primitive and the company only had three employees, the demand for a more secure verification was there. It allowed the company to secure its first clients and investments.
“The marketplace was constantly changing, but it never stopped us from adapting and looking at future challenges. We trusted in moving forward with inertia and made plans to improve. Each victory built our motivation and trust in one another. We firmly believed that we could achieve a lot if we stuck together as a team, ” remembers Domantas Ciulde, CEO of iDenfy.”
A stable growth
In 2018 iDenfy’s team had grown significantly – by July, the company had 18 employees. The rapid expansion posed challenges for the young organization. Regardless, iDenfy received Lithuania’s “Startup of The Year” award. In 2019, iDenfy saw a considerable 494.887% increase in its income, which set high hopes to expand internationally.
The spread of fraud
The pandemic set the tone for the following years to be highly different. Even though there was a demand for various services to go digital, COVID-19 significantly accelerated the process. That’s when iDenfy noticed a sharp increase in attempts to commit identity fraud – over 12 % of all identifications were marked as fraudulent compared to 6 % in 2019. Due to the changing landscape, many industries had to evolve to stay in the game, which increased the demand for a reliable identity verification solution.
New heights and mission
In the first half-year of 2021, compared with the first half-year of 2020, iDenfy experienced a sales revenue growth of 87% and is estimated to end the year with 180% sales revenue growth compared to 2020. The company developed a mission – to make an all-in-one identity verification, fraud prevention and compliance platform easily accessible for organizations of every size and type.
As a result, iDenfy supplemented its product with a proxy detection service in the summer of 2021, which detects the use of VPNs and other anonymous IP addresses. The tool proves to be vital in the fight against cybercriminals, as proxies are used in 97% of online fraud cases. Later, in November 2021, these innovative achievements were recognized by the Baltic Assembly, which rewarded iDenfy with the Baltic Assembly Prize in innovation.
The company has recently launched a new range of other products, including Phone Verification , Fraud Scoring , ID verification using near-field communication technology, sanctions and politically exposed persons monitoring service. The future is looking bright for the organization, as iDenfy plans to enhance its services by developing more tools next year.
“There were many ups and downs on our journey. Every hit was as painful as every victory was ecstatic with the belief that we could achieve something extraordinary. Our dedication and trust in the product have made it possible to see this vision through and led us to where we are now ,” shares Domantas Ciulde.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220121005320/en/
Link:
Social Media:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Riskified Named to the CNBC World's Top Fintech Companies 2026 List23.7.2026 14:00:00 CEST | Press release
Payment category recognition marks Riskified's continued presence among the world's leading fintech innovators Riskified (NYSE: RSKD), a global leader in ecommerce fraud detection and risk intelligence, has been named to CNBC's World's Top Fintech Companies 2026 list, in the Payments category. The list, now in its fourth edition, is produced by CNBC in partnership with Statista Inc., the global statistics and industry ranking firm. It was announced on July 22, 2026, and is available on CNBC's website. This is Riskified's second time making the list. The company previously earned this recognition in 2024, reinforcing its position in the ecommerce fraud and risk intelligence sector and underscoring its ongoing success in empowering businesses to grow revenue and profitability by mitigating risk through its AI-powered platform. CNBC and Statista's ranking covers the top 500 companies across eight fintech segments — Payments, Neobanking, Alternative Financing, Wealth Technology, Digital As
Azafaros Completes Enrollment of Phase 3 (NAVIGATE) Study Evaluating Nizubaglustat for the Treatment of Patients with GM1/GM2 Gangliosidoses23.7.2026 13:00:00 CEST | Press release
NAVIGATE comprises two pivotal Phase 3 studies investigating nizubaglustatRecruitment completed in Phase 3 registrational study in patients with late-infantile and juvenile GM1/GM2 gangliosidosesEnrollment in Niemann-Pick type C disease (NPC) Phase 3 study is ongoingTopline data from GM1/GM2 gangliosidoses Phase 3 study is anticipated in early 2028 Azafaros, a private company building a portfolio of disease-modifying therapeuticsto become a leader in lysosomal storage disorders (LSDs) focused on addressing neurological symptoms, today announced the completion of patient recruitment in its Phase 3 study evaluating nizubaglustat for the treatment of GM1/GM2 gangliosidoses. “Completing enrollment in our Phase 3 GM1/GM2 study is a significant step toward potentially bringing nizubaglustat to patients and families living with these devastating neurodegenerative diseases," said Stefano Portolano, Chief Executive Officer at Azafaros. "We are deeply grateful to the patients, caregivers, invest
Francisco Partners Closes $21 Billion Across Flagship and Agility Funds23.7.2026 13:00:00 CEST | Press release
Largest fundraise in the firm’s history brings total capital raised to more than $75 billion Francisco Partners (“FP”), a leading global investment firm that specializes in partnering with technology companies, today announced the closing of $21 billion in capital commitments across its Francisco Partners VIII, L.P. flagship fund and Francisco Partners Agility IV, L.P., its middle-market fund. FP exceeded its initial targets of $14.0 billion and $3.5 billion, respectively. This milestone builds on Francisco Partners' longstanding track record of performance, underscored by its distinction as the only firm to rank among the top three performers in each of the past six HEC-Dow Jones Large Buyout Performance Rankings.* “In our business, long-term success is created through a series of relationships built on years of trust and collaboration," said Dipanjan (“DJ”) Deb, Co-Founder and CEO of Francisco Partners. "We want to thank our investors for their support, our management teams for their
Taiwanese ensembles showcase erhu and ocarina at Prague Folklore Days23.7.2026 10:21:00 CEST | Press release
The Prague Folklore Days 2026 was held on July 17 and 18 in the heart of Prague, bringing together 56 international arts groups from Germany, Austria, Slovakia, Spain, the Netherlands, and Poland. Four Taiwanese groups took part: Hildebrand Yu’s ocarina band, the Shi-xian Huqin Orchestra, the Taipei Folk Orchestra, and the Four Strings Ensemble. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260722841530/en/ Taiwanese ensembles showcase erhu and ocarina at Prague Folklore Days Led by Huang Chun-sin, the official Taiwan representative band featured a diverse lineup of ocarina, erhu, and dance performers. Their program stood out among the European groups with its distinctive character and vivid stage presence. Hildebrand Yu’s ocarina band captivated audiences with warm, uplifting melodies accompanied by the ocarina and ukulele. Yu also performed “Twilight Waltz,” delivering a heartfelt piece of poetic expression, like sunlight
Taiwan Children’s Choirs Garner Major Awards at Hungarian Choral Competition23.7.2026 09:33:00 CEST | Press release
Competing against 36 leading contenders from 20 countries, four Taiwanese children’s choirs have garnered several major awards and top honors at the 5th Budapest International Choral Celebration, showcasing Taiwan’s cultural diversity and music excellence. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260722613876/en/ Puzangalan Children’s Choir and Yo Wu Wei Children’s Chorus join forces with international choral ensembles and orchestras to perform Mozart’s Requiem Mass in D minor, K. 626 at the Béla Bartók National Concert Hall of Müpa Budapest. With its pure, angelic voices and exceptional vocal techniques, Puzangalan Children’s Choir from Pingtung County won the top prize, Laurea Summa Cum Laude, in the Grand Prix Competition’s Youth Choir of Equal Voices, Folklore, and Sacred Music categories. In the Open Competition, Yo Wu Wei Children’s Chorus claimed three gold prizes in the categories of Youth Choir of Equal Voices
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom