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
Meiji Seika Pharma: Results from the Global Phase III Trial (Integral-2) of Nacubactam, a Novel β-Lactamase Inhibitor, Highlighted in The Lancet Microbe’s Coverage of ESCMID Global Congress 202617.7.2026 03:00:00 CEST | Press release
Meiji Seika Pharma Co., Ltd. (Headquarters: Tokyo, President and Representative Director: Toshiaki Nagasato) today announced that results from the global Phase III trial (Integral-2) of nacubactam (Development Code: OP0595), a novel β-lactamase inhibitor, were highlighted in The Lancet Microbe’s coverage of ESCMID Global Congress 2026 (held in Munich, Germany). As highlighted in The Lancet Microbe’s coverage, the key findings presented by Meiji Seika Pharma at ESCMID Global Congress 2026 are as follows: The Integral-2 study (jRCT2031230076) is a global Phase III clinical trial that enrolled patients with complicated urinary tract infections, acute uncomplicated pyelonephritis, hospital-acquired bacterial pneumonia, ventilator-associated bacterial pneumonia, or complicated intra-abdominal infections caused by carbapenem-resistant Gram-negative bacteria (excluding Acinetobacter species). The study has achieved the prespecified study objectives. For the primary endpoint of overall treatme
Yoshihiro Shimamura Joins the Marché du Film’s “Investors Circle 2026” as an Invited Investor, Backing a New Feature Film17.7.2026 03:00:00 CEST | Press release
Shimamura Yoshihiro Film Production Co., Ltd. (Head office: Osaka, Japan; Representative Director: Yoshihiro Shimamura), a company active in film production and investment, today announced that Representative Director Yoshihiro Shimamura has decided to invest in an international feature film after being invited to the “Investors Circle 2026” — a distinction that reflects his standing as one of the field’s most highly regarded producers and investors. Hosted by the Marché du Film, the business arm of the Festival de Cannes and one of the world’s largest film markets, the Investors Circle is an invitation-only summit that connects a select group of private investors with high-end feature films during early-stage financing. Held in Cannes, France, May 16-17, 2026, it brings internationally acclaimed directors and producers together with investors around a curated slate of projects in development. During the summit, Shimamura attended private pitching sessions and, after individual meeting
Takeda’s Zasocitinib Demonstrates Consistent, High Rates of Skin Clearance Across the Body, Including Hard-to-Treat and High-Impact Sites, in Phase 3 Psoriasis Studies17.7.2026 00:00:00 CEST | Press release
On average, about 75% of patients with scalp psoriasis treated with zasocitinib achieved clear or almost clear skin at week 16 Approximately 70% of patients with palmoplantar disease treated with zasocitinib achieved clear or almost clear skin at week 16 Zasocitinib demonstrated statistically significant improvements in Nail Psoriasis Severity Index (NAPSI) versus placebo Results reinforce the potential of zasocitinib to deliver rapid and durable skin clearance, including in the hardest-to-treat areas, in a convenient once-daily pill Takeda (TSE:4502/NYSE:TAK) announced new data from the two pivotal Phase 3 studies of zasocitinib (TAK-279), a next-generation, highly selective and potent oral tyrosine kinase 2 (TYK2) inhibitor, in adults with moderate-to-severe plaque psoriasis (PsO).1 Presented at the 2026 American Academy of Dermatology (AAD) Innovation Academy, these secondary endpoint data show that zasocitinib demonstrated consistent and high rates of skin clearance across hard-to-
Merz Completes Inaugural €450 Million Schuldschein Loan Issuance16.7.2026 23:36:00 CEST | Press release
Debut transaction more than three times oversubscribed The Merz Group has successfully completed its first-ever Schuldschein loan issuance, placing a total volume of €450 million in the debt capital market – a multiple of three relating to the launch volume. The debut transaction was significantly oversubscribed and attracted strong interest from all investor groups. The proceeds were settled and paid out today. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260716926041/en/ Dr. Almuth Steinkühler, Chief Financial Officer Merz Group The transaction comprises both fixed- and floating-rate tranches with maturities of three, five, seven, and ten years. Around 50 German and international investors participated, representing a broad range of institutions, including private banks, German federal state-owned banks, public savings banks, cooperative banks, pension funds and occupational pension institutions. With the successful plac
The Estée Lauder Companies Appoints Madeleine Boyd as Senior Vice President, Global Brand Communications16.7.2026 22:22:00 CEST | Press release
The Estée Lauder Companies Inc. (NYSE: EL) today announced the appointment of Madeleine Boyd as Senior Vice President, Global Brand Communications, effective July 20, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260716738393/en/ Photo by Esteban La Tessa As part of the company’s continued efforts to strengthen how its brands better connect with consumers, Ms. Boyd will establish and lead a newly integrated Global Brand Communications team. In this role, she will ensure the company’s diverse portfolio is anchored by a cohesive enterprise communications strategy, while accelerating bold, consumer-first storytelling that drives earned media, cultural relevance, and brand desirability. She will also strengthen creator engagement, helping the company’s brands gain attention where culture is being shaped. Ms. Boyd brings extensive experience spanning brand strategy, communications, consumer engagement, and cultural insight
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