Vouched Announces $3M Funding Round to Accelerate AI-Based Identity Verification Platform
Led by Flying Fish Partners, with participation from Bankers Healthcare Group, funds will fuel expansion in banking, fintech and healthcare industries.
SEATTLE–(BUSINESS WIRE)–Vouched, a rapidly-growing developer of proprietary artificial intelligence and computer vision for end-to-end identity verification and real-time fraud detection, today announced a $3M funding round. Led by Flying Fish Partners, the round will further accelerate growth of Vouched’s identity proofing platform across the banking, fintech and healthcare verticals.
“Flying Fish invests in applications of artificial intelligence that enable the fundamentals of the digital future,” said Flying Fish Partners Venture Partner Vanessa Pegueros. “Vouched is creating a seamless, worldwide identity verification platform to provide access to life’s services, from the most critical like banking, healthcare, and benefits, to the conveniences of every day.”
Bankers Healthcare Group (BHG), a leading provider of financial solutions for licensed healthcare practitioners and other highly skilled professionals, also participated.
BHG will aggressively bring Vouched into banking to offer new services to the nearly 1,200 members of the BHG Bank Network, as well as its partners in the hospital, ambulatory surgery center and healthcare provider verticals.
“Vouched was founded to provide rapid, secure and seamless identity proofing for the next generation of digital activities,” said Vouched Co-founder and CEO John Baird. “The ability to see a person and verify their identity online is required for complex regulated activities such as Know Your Customer (KYC) in banking and the rise of Know Your Patient (KYP) in healthcare and telemedicine. Increasingly, security-sensitive transactions such as peer-to-peer sharing of expensive goods like motorcycles, cars and RVs also depend on identity verification. We are helping to meet those growing needs.”
“In today’s environment, a digital identity verification process is critical to maintain the safety of our borrowers without compromising our promise to deliver a funding experience built on service, speed, and efficiency,” said Tyler Crawford, COO of Bankers Healthcare Group. “There’s great synergy between BHG and Vouched. We’re excited to invest in a best-in-class technology service that we can bring to our nationwide network of community banks and healthcare partners looking to improve efficiency while reducing risk.”
Vouched already serves leading hospital and healthcare organizations, banks and fintechs, as well as e-commerce and gig and sharing businesses. The ability of Vouched technology to verify identities in real-world circumstances, even when images may not be ideal, is helping clients across those sectors. Vouched also quickly learns new IDs and adapts to a variety of business use cases, contributing to the rapid growth of Vouched’s customer base.
Further, the latest funding round will allow Vouched to move into the European market. Europe’s expanding regulations and compliance requirements, such as Payment Services Directive (PSD2) and new Anti-Money Laundering (AML) rules for the purchase of goods such as artwork, are creating increased demand for Vouched services across verticals throughout Europe.
Vouched is proprietary artificial intelligence and computer vision that powers end-to-end visual identity verification and fraud detection online in real-time. An expert on more than 450 government-issued identity documents, including driver’s licenses, passports, and permanent resident cards, in 50+ countries, Vouched helps banks, gig and sharing companies, and hospital and healthcare providers verify and onboard users to provide access to life’s most critical services instantly.
About Bankers Healthcare Group
Bankers Healthcare Group provides innovative, hassle-free financial solutions to licensed healthcare practitioners and other highly skilled professionals. Since 2001, BHG has provided more than $7 billion in financial solutions to thousands of satisfied customers nationwide. BHG is proud to maintain partnerships with leading healthcare industry associations, and is recognized regionally and nationally for innovation, continued growth, and being a best place to work. BHG is partially owned by Pinnacle Financial Partners. To learn more, visit www.bankershealthcaregroup.com, and follow us on Twitter, LinkedIn and Facebook.
About Flying Fish Partners
Flying Fish Partners, based in Seattle, is an early stage venture firm focused on providing capital and value-added support to fast-growing, high potential technology companies in the Pacific Northwest and British Columbia. The firm invests capital, expertise and relationships in early stage startups with big ideas. Flying Fish seeks to make investments of $500 thousand to $5 million.
For Bankers Healthcare Group:
Bankers Healthcare Group