How difficult was the journey of iDenfy?
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.
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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.
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