Incode Technologies Inc. Company Profile

Background

Founded in 2015 and headquartered in San Francisco, California, Incode Technologies Inc. specializes in AI-driven identity verification and authentication solutions. The company's mission is to bridge the trust gap in digital interactions by providing secure, seamless, and privacy-centric identity experiences. Serving industries such as financial services, gaming, hospitality, government, and entertainment, Incode has established itself as a significant player in the identity verification sector.

Key Strategic Focus

Incode's strategic focus centers on delivering a fully automated, AI-first platform that enhances security while optimizing user experience. The company's core objectives include:

Identity Verification (IDV): Streamlining customer onboarding with proprietary AI/ML models and fraud prevention solutions.

Non-Document Verification: Facilitating document-free onboarding compliant with global KYC/AML standards.

Watchlist Screening: Automating AML screening to prevent financial crimes and ensure compliance.

Authentications: Implementing biometric security measures to prevent account takeovers.

Age Verification: Providing accurate, frictionless age validation to ensure compliance and minimize drop-offs.

Know Your Business (KYB): Enabling seamless global business and owner verification for market expansion.

Workforce (Know Your Employee): Securing employee interactions with biometric authentication integrated into existing IAM systems.

These solutions are tailored to meet the needs of various industries, including financial services, online gaming, hospitality, and healthcare.

Financials and Funding

As of August 2024, Incode has raised a total of $255 million over three funding rounds. The most recent round, a Series B, occurred on December 7, 2021, raising $220 million. Notable investors include General Atlantic, SoftBank, and J.P. Morgan. The capital is intended to fuel product development, global expansion, and strategic acquisitions.

Technological Platform and Innovation

Incode's platform is distinguished by its proprietary, in-house developed technologies, which include:

Liveness Detection: Passive liveness detection to ensure users are real and present during verification.

Facial Recognition: High-accuracy facial recognition across diverse demographics, powered by global datasets.

Document Verification: Advanced AI for authenticating global documents and detecting sophisticated tampering.

Optical Character Recognition (OCR): Precise extraction and verification of critical identity data.

The company's commitment to innovation is further exemplified by the establishment of the Incode Fraud Lab, a dedicated team focused on anticipating and mitigating emerging fraud tactics, including those involving generative AI and deepfakes.

Leadership Team

Ricardo Amper, Founder & CEO: With over two decades of experience in founding and leading disruptive companies, Amper has a background in social media and consumer packaged goods. He founded Incode in 2015, leveraging his expertise in big data, AI, and machine learning to transform the digital identity marketplace.

John Somorjai, Board Member: Appointed in September 2024, Somorjai brings extensive experience in corporate development and venture investing, having previously served as EVP of Corporate Development and Salesforce Ventures at Salesforce.

Leadership Changes

In September 2024, Incode appointed John Somorjai to its Board of Directors, enhancing the company's strategic direction with his expertise in corporate development and venture investing.

Competitor Profile

Market Insights and Dynamics

The identity verification market is experiencing significant growth, driven by increasing digital interactions and the need for secure, compliant user authentication. The rise of sophisticated fraud tactics, including deepfakes, has heightened the demand for advanced verification solutions.

Competitor Analysis

Key competitors in the identity verification space include:

Experian: A global information services company offering identity verification among its services.

LexisNexis Risk Solutions: Provides risk management and identity verification solutions.

Onfido: Specializes in AI-based identity verification and background checks.

Incode differentiates itself through its proprietary technology, fully automated platform, and focus on user experience, positioning it as a leader in the industry.

Strategic Collaborations and Partnerships

Incode has established significant partnerships to enhance its market position and innovation capacity:

MaxBet: In September 2024, Incode partnered with MaxBet to implement AI-powered onboarding technology, enhancing both online and physical operations.

Aristotle Integrity: Incode collaborated with Aristotle Integrity to enhance identity verification solutions for the iGaming and sportsbook sectors.

Operational Insights

Incode's proprietary technology and fully automated platform provide distinct competitive advantages, enabling rapid deployment and scalability. The company's focus on user experience and compliance positions it favorably against competitors, allowing it to address the evolving needs of various industries effectively.

Strategic Opportunities and Future Directions

Incode's strategic roadmap includes continued innovation in AI-driven identity verification, expansion into new markets, and strengthening partnerships across industries. The company's recent acquisition of MetaMap in June 2024 indicates a commitment to enhancing its capabilities and market reach.