New York, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Veriff, a global identity verification and authentication platform, announced significant growth today as organizations worldwide use its AI-powered technology to reduce fraud, deepen customer relationships and build trust online.
Veriff continues with strong 75% year-over-year revenue growth in Q4 2024, tripling its volumes and increasing the number of customers by 60% compared to Q4 2023. These significant growth figures are driven by the increasing demand for Veriff’s AI-driven technology, as companies need robust IDV and fraud prevention solutions to operate online successfully. Meanwhile, fraud attacks continue to grow exponentially, especially as deepfakes become more sophisticated, and it has become increasingly challenging to know what information is real or fake.
“Veriff is in the strongest position ever – we are the fastest growing company in the identity space with a solid balance sheet, and we are focusing on profitable growth. Last year, we built great momentum to keep investing in our product portfolio expansion and continue taking new global markets,” commented Kaarel Kotkas, founder and CEO of Veriff.
Veriff is uniquely positioned because its technology is not just about identity verification. “While others treat each verification as the first one they see, we're getting smarter and more accurate with every session, enabling our customers to onboard trusted people. In essence, we are not just verifying identities; we are building a global trust score,” Kotkas added.
While the company's business volumes grew most strongly in Latin America last year (2.5x), the vast majority of its volumes and revenue come from the United States. "I am proud that a number of globally renowned large tech companies that we as consumers use daily are Veriff customers today. Hundreds of millions of people around the world use Veriff's solutions – be it when they make online payments or use ride-hailing services," added Kotkas.
In 2024, Veriff announced multiple product innovations, achievements, and feature updates. These include significant updates to the IDV product suite, including the Full Auto IDV v3 solution, using advanced AI algorithms to verify an identity entirely automatically; enhancements to Veriff Biometric Authentication and successful completion of iBeta Level 2 biometric liveness detection compliance. Also, the FaceBlock feature for Veriff Self-Serve was introduced.
In 2025, the company is expanding its footprint in Latin America to better serve its expanding global customer base in the Americas by opening a technology hub in São Paulo, Brazil, this spring.
About Veriff
Veriff is the preferred identity verification and authentication platform partner for the world's most innovative growth-driven organizations, including online marketplaces, financial services, gaming and mobility companies, and other sectors. By combining AI and human verification teams, Veriff ensures bad actors are kept at bay, and genuine users experience minimal friction in their customer journey. Veriff enables organizations to build trust with customers through seamless, AI-powered identity verification and authentication. The Veriff IDV platform offers secure, scalable solutions trusted by organizations across industries.
Veriff press@veriff.com
