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PALO ALTO, Calif.–(BUSINESS WIRE)–IdentityMind Global™, the leader in Digital Identities You Can Trust, today announced that it has closed a $10 million Series C round of financing. In addition to all existing investors, the round was co-led by Benhamou Global Ventures and Eastern Link Capital and included Hanna Ventures, Overstock.com, and Zanadu Capital Partners.

 

IdentityMind provides a SaaS RegTech platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud.

According to Garrett Gafke, President and CEO, IdentityMind Global, the new funds will be used to drive expansion within international markets (Asia, Latin America and Europe), sales, marketing, and the company’s new business unit specifically dedicated to providing know your customer (KYC) and anti-money laundering (AML) solutions to address the regulatory and compliance requirements of the rapidly growing Initial Coin Offering (ICO) and cryptocurrency markets.

“We feel privileged to be working with an elite group of high quality investors who have a proven track record of success,” said Gafke. “The market demand for digital identity-based solutions in today’s global digital economy is booming. IdentityMind, the pioneer in digital identities, with hundreds of customers spanning six continents, is uniquely positioned to meet growing global market demand.”

Market research firm Frost & Sullivan estimates the global RegTech market could reach $6.45 billion by 2020. IdentityMind’s platform – uniquely built upon digital identities – provides AML, including KYC, transaction monitoring, sanctions screening and fraud prevention solutions. Further accelerating RegTech growth in financial services and virtually every industry in 2018 is the May 25, 2018 EU General Data Protection Regulation (GDPR) which dictates how companies address data privacy and protection in Europe. IdentityMind fully complies with GDPR and supports customers looking for a GDPR compliant RegTech solution.

Eastern Link Capital, a China focused private equity fund and new addition to the IdentityMind investment team, provides deep domain experience and knowledge of the Chinese and Asian markets. IdentityMInd recently opened an office in Beijing, China to capitalize on these opportunities.

“We’re excited to join the IdentityMind investment team and see the indispensable value they deliver to any company conducting digital business,” said Yudong Hou, Managing Partner, Eastern Link Capital. “The ongoing growth of synthetic or stolen identities requires digital identity-based solutions to prevent identity fraud and maintain the integrity of the global digital economy. IdentityMind has been identified as a ‘go to’ partner for those companies needing to implement an effective defense to identity thieves, online fraudsters, and money launderers worldwide.”

Demand for identity-based solutions is exploding given that global identity theft, associated with non-stop data breaches and the corresponding loss of personally identifiable information (PII), continues to grow. According to the 2017 Norton Cyber Security Insights Report, cyber-criminals were responsible for incurring $172 billion worth of damages to 978 million consumers in 20 countries in 2017.

“IdentityMind has been at the forefront of helping companies navigate the regulatory compliance waters of the fast-growing, multi-billion dollar cryptocurrency and ICO industry,” said Patrick Byrne, CEO, Overstock.com, and an investor in IdentityMind. “ICOs and cryptocurrencies are going mainstream and IdentityMind is one of the key players in helping ensure transparency, legitimacy, security and compliance which will only lead to faster and greater marketplace adoption.” In the last six months, IdentityMind has worked with over 40 ICO customers, evaluating more than 150,000 users around the world who contributed almost a billion dollars in digital currency.

“We’re excited to continue to invest in IdentityMind,” said Eric Buatois, Managing Partner, Benhamou Global Ventures. “Our investment confidence is based on IdentityMind’s continued dynamic growth, global expansion, penetration of new and exciting markets, and increasing customer demand for the company’s identity-based solutions.”

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Source: https://www.businesswire.com/news/home/20180214005264/en/Digital-Identity-Pioneer-IdentityMind-Global-Lands-10

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IdentityMind is at the forefront of delivering an easy compliance solution to companies conducting an ICO. – Jose Caldera, CMO, IdentityMind
 

IdentityMind Global™, Digital Identities You Can Trust, today announced the immediate availability of its KYC Plug-in for ICOs. It provides a turnkey solution for customer onboarding functionality and user experience to walk ICO participants through the know your customer (KYC) process to meet regulations worldwide.

The solution enables companies to perform required KYC and anti-money laundering (AML) checks on ICO participants. Regulatory requirements to prevent fraud and money laundering are essential for the lawful distribution of tokens. Since the U.S. Securities and Exchange Commission (SEC) has not yet issued a definitive ruling on ICO tokens and participation there is debate and uncertainty about which token sales are subject to securities regulations and how these rules might impact ICO-funded startups that the SEC later finds to be noncompliant.

“As ICOs become more prevalent, and as money continues to flow into ICOs, regulators globally are starting to take notice,” said Jose Caldera, CMO, IdentityMind Global. “The regulatory risk, in conjunction with the risk of enabling fraudsters, financing of terrorism, and money launderers should motivate organizations performing ICOs to properly identify the participants in the ICO process. IdentityMind is at the forefront of delivering an easy compliance solution to companies conducting an ICO.”

By all accounts, 2017 was the year ICOs went mainstream. According to industry researcher Token Report, there were approximately 266 ICOs in Q3 2017; 500 in Q4. Over $4 billion was raised through ICOs in 2017. To date, IdentityMind has realized significant customer traction in the ICO market with over 40 clients using IdentityMind to raise over $450 million.

The IdentityMind KYC plug-in for ICOs includes: 

  • A web-ready software client that directs the participant through the entire KYC process.
  • A preconfigured risk-based KYC ruleset that meets the regulation of the countries where there are detailed regulations and a general KYC process for countries where regulation has not been specified. For example, the Canadian Securities Administrators have ruled that ICOs and altcoins are securities, subject to regulations on a case-by-case basis. Israel, Japan and Russia allow ICOs but warn that they are subject to future regulations. Still other countries like China and South Korea have moved to ban the creation or selling of ICOs.
  • Reports to satisfy examiners and regulatory auditors for those countries where these are specified.
  • A platform to perform enhanced due diligence for clients that require further assessment.
  • Validate the risk of Bitcoins used to participate in the ICO event.

“By working with IdentityMind, we are assuring that all participants go through KYC and AML processes before partaking in our $500 million Dragon ICO,” said Chris Ahmad, founder and CEO of Dragon Corporation. “This is perhaps the largest ICO to date and by working with IdentityMind we’re able to verify participants on a global basis in a quick and efficient manner.”

“Aite Group research has found that there is a critical mass of young companies that are demonstrating ‘best effort’ to regulators by acting on expert advice from compliance, anti-fraud and AML professionals,” said Kristina Yee, senior analyst for Aite Group’s Retail Banking and Payments practice. “Companies planning ICOs need to work with knowledgeable service providers to implement the appropriate KYC processes. Those entities that have made no or little effort to meet compliance stand out from the compliant crowd and are vulnerable to fines and serious penalties.”

March 14 KYC Plug-in for ICOs Webinar

IdentityMind will be hosting a free 45-minute webinar, “KYC Compliance for ICOs Made Easier,” beginning at 11 am. PDT, Wednesday, March 14. To register, please go here.

Resources 


IdentityMind’s KYC plug-in for initial coin offerings (ICOs) is immediately available to organizations worldwide. Contact sales@identitymind.com for more information. For more information, visit IdentityMind on WebTwitterLinkedInFacebook, and Blog.


About IdentityMind Global

IdentityMind Global, Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA™ technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind’s Global Identity Network.

© 2018 IdentityMind Global. All rights reserved. IdentityMind Global and the IdentityMind logo are trademarks or registered trademarks of IdentityMind Global in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.

Media Contacts 
Dan Rampe 
Director of Corporate Communications 
IdentityMind Global 
Tel: 415-205-9378 
Email: drampe@identitymind.com

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Source: http://www.prweb.com/releases/prweb15132019.htm?utm_content=66583478&utm_medium=social&utm_source=linkedin

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