Vouchsafe, a next-generation identification verification platform dedicated to eradicating international ID poverty, has raised £1 million in an oversubscribed pre-seed funding spherical.
The funding was led by Bethnal Inexperienced Ventures (BGV) and backed by Biometric Ventures, Gasoline Ventures, Seed X Liechtenstein, and angel investor Andrew Chevis, CEO of CitizenCard. Chevis brings three many years of trade experience to the corporate’s mission.
An estimated one billion folks worldwide lack entry to dependable photograph ID, with 11 million UK residents having neither a passport nor a driving licence. This absence of identification creates important obstacles to important companies comparable to banking, credit score, and public companies, exacerbating monetary exclusion and the poverty premium.
Vouchsafe’s mission aligns with the United Nations Sustainable Growth Purpose 16.9: Authorized Id for All. By revolutionising the best way identities are verified, the corporate goals to offer a extra accessible and inclusive answer for people combating ID poverty.
With identification fraud turning into extra refined as a consequence of advances in generative AI, Vouchsafe is pioneering a brand new strategy to ID verification that enhances safety with out creating extra obstacles to entry.
Vouchsafe is already working with main monetary establishments to enhance banking and credit score accessibility. The corporate was additionally chosen by the Scottish Authorities’s CivTech programme to help people combating identification verification when accessing public companies.
Mark Elliot, Head of CivTech, Scottish Authorities, mentioned:
“Vouchsafe was one of the standout successes of the CivTech programme, tackling a challenge that affects millions. Their approach to identity verification is a game-changer, making it easier, faster, and more cost-effective for public services to reach those who need them most.”
Paul Miller OBE, Managing Associate at Bethnal Inexperienced Ventures, highlighted Vouchsafe’s potential to drive digital and monetary inclusion: “Vouchsafe is addressing one of the biggest barriers to financial and digital inclusion. Their innovative approach to identity verification has the potential to unlock access for millions of people.”
Mark Pearson, Managing Associate of Gasoline Ventures, echoed this sentiment, stating: “The opportunity for disruption is huge, and the Vouchsafe team are well-placed to be a driving force for digital inclusion. Even at this pre-seed stage, they have found real-world applications for their platform, which is significant.”
With this funding, Vouchsafe is poised to broaden its affect, offering scalable, safe, and inclusive identification verification options for people and organisations worldwide.
