Corsair Capital has increased its investment in IDnow, acquiring a majority share of the identification verification platform.
Corsair plans to boost IDnow’s growth and strengthen its position in Europe. IDnow would not comment on the terms of the deal.
IDnow, which was founded in 2014, creates artificial intelligence-powered identification verification technologies for brands across sectors including travel. IDNow has worked with organizations and companies in the sector including the International Air Transport Association, Hahn Air and Sixt.
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The brand helps streamline check-in processes, prevent fraud, validate car rental drivers and make the booking process faster.
“Since our founding a decade ago, IDnow has become a market leader in identity verification in Germany and France. During this time, we have achieved significant success in delivering strong results and growing our customer base, and with today’s announcement we aim to solidify our commitment to positioning the Company for future success,” said Andreas Bodczek, CEO of IDnow.
Bodczek said Corsair’s increased investment is a vote of confidence in IDnow’s vision. “With this deeper partnership, we can continue to transform and ensure our platform continues to evolve.”
Corsair initially invested in IDnow in 2019 to support the brand’s growth. At the time, Corsair acquired a minority stake in the company.
“We are thrilled to expand our partnership with IDnow,” said Raja Hadji-Touma and Edward Wertheim, partners at Corsair. “Since our initial investment, we’ve witnessed IDnow build significant momentum and achieve impressive scale. We are excited by the opportunity to deepen our partnership with IDnow’s talented management team, and we look forward to supporting their next chapter of innovation and growth.”