Company Research Report: IDfy

Company Overview

• Name: IDfy, operated by Baldor Technologies Pvt Ltd.

• Mission: Eliminate fraud, establish trust. IDfy positions itself as Asia's Leading Integrated Identity Platform.

• Founded: 2011

• Founder: Ashok Hariharan

• Key People: Ashok Hariharan (Co-founder and CEO), Wriju Ray (CBO).

• Headquarters: No information is available.

• Number of Employees: No information is available.

• Revenue: No information is available.

• Known For: IDfy is known for pioneering automated solutions for identity verification and background verification processes. It operates as an integrated identity platform providing solutions for KYC, fraud prevention, and digital onboarding.

Products

KYC API Suite

• Description: Provides enterprise-grade APIs for onboarding and risk management tasks.

• Key Features: Automates document verification, identity checks, and risk assessment with over 140+ APIs.

Video Solutions

• Description: Enhances customer onboarding through video-based interactions.

• Key Features: Facilitates high conversion rates with low-bandwidth solutions and real-time dashboards.

Background Verifications

• Description: Provides verification services for employment, education, and criminal history.

• Key Features: Ensures fast turnaround times and comprehensive fraud checks with proprietary tools.

CrimeCheck

• Description: Offers legal history due diligence through a database of over 400 million documents.

• Key Features: Proprietary AI tools for legal-risk assessment.

RiskAI

• Description: Entity due diligence and risk assessment platform.

• Key Features: Multi-faceted assessment capabilities for vendors, borrowers, and other stakeholders.

Bank Statement Analysis

• Description: Analyzes bank statements to provide credit risk insights.

• Key Features: Detects fraud through transaction intelligence.

Privy

• Description: Ensures data protection compliance as per the Digital Personal Data Protection Act (DPDP) in India.

• Key Features: Incorporates consent management and privacy compliance tools.

Recent Developments

• New Products Launched: PRIVY was launched to provide compliance platforms as per the DPDP Act, 2023.

• Acquisitions: CrimeCheck was acquired in 2022, enhancing IDfy’s capabilities in AI-led legal history checks.

• Partnerships: Partnered with TransUnion and other prominent organizations to expand globally.

• Global Expansion: Expanded services to six countries, becoming Asia's leading integrated identity platform.

Technology and Certifications

• Certifications: ISO and SOC 2, Type 2 certified platforms, ensuring security and compliance.

• Technological Innovations: Invested in AI and machine learning for enhanced fraud detection and predictive risk modeling.

Industry Recognitions

• Awards: Recognized in Forbes Asia 100 To Watch and other various industry accolades like Technology Fast 50 2023 India.

Conclusion

This report highlights IDfy as a leading player in identity verification and fraud prevention, continuing to innovate and expand its reach within Asia and beyond. With a diverse range of solutions, IDfy addresses the evolving needs of trust and security in today's interconnected digital economy.