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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,, 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,, 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.”




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.


IdentityMind’s KYC plug-in for initial coin offerings (ICOs) is immediately available to organizations worldwide. Contact 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 




 SAN DIEGO, Calif. and LONDON, Jan. 23, 2018 (GLOBE NEWSWIRE) — Mitek (NASDAQ:MITK) (, a global leader in mobile capture and identity verification software solutions, today announced an expanded partnership with IdentityMind Globalä, the Trusted Digital Identity Company™. The expanded partnership builds upon IdentityMind’s use of Mobile Verify® by adding Mitek’s biometric facial comparison technology and Mitek MiSnap™ Mobile Web SDK to IdentityMind’s identity-based compliance, risk management and fraud prevention platform.


“As an industry pioneer in digital identities, we help companies provide the most holistic and trusted view of users and entities conducting business in the global digital economy,” said Garrett Gafke, CEO, IdentityMind Global. “Mitek’s Mobile Verify has proven to be an invaluable and complementary technology solution for verifying identities in the digital channel so companies can comply with know your customer (KYC) and anti-money laundering (AML) regulations during customer onboarding and throughout their lifecycle.”

Young customers, the unbanked and international users often lack the credit history or other personally identifiable information that is often used to identify consumers online. However, they represent a large market opportunity. Using identity documents to verify these customer segments enables financial services, money service businesses and virtual currency companies to quickly and securely enroll users who have limited information or thin credit files.

“With this expanded partnership, IdentityMind can offer a means of digital identity verification that is all-inclusive,” said James B. DeBello, CEO, Mitek. “Adding our facial comparison technology to our advanced Mobile Verify ID document authentication will help IdentityMind customers create the trust necessary for conducting business in the digital channel.”

About IdentityMind Global
IdentityMind Global 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, AML, and the 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. For more information, visit:

About Mitek
Mitek (NASDAQ:MITK) is a global leader in mobile capture and identity verification software solutions built on the latest advancements in AI and machine learning. Mitek’s identity verification solutions allow an enterprise to verify a user’s identity during a digital transaction. This enables financial institutions, payments companies and other businesses operating in highly regulated markets to mitigate financial risk and meet regulatory requirements while increasing revenue from digital channels. Mitek also reduces the friction in the users’ experience with advanced data prefill and automation of the onboarding processes. Mitek’s innovative solutions are embedded into the apps of more than 5,900 organizations and used by more than 80 million consumers. For more information, visit or (MITK-F)




IdentityMind Global™, the Trusted Digital Identity Company, today announced highlights from 2017 underscoring the rapidly growing adoption of the company’s digital identity-based compliance, risk management, and fraud prevention platform and product solutions.

“2017 will be remembered as the year when financial and digital businesses ‘crossed the chasm’ in the adoption of digital identities as the way to create the most holistic and accurate view of users and entities transacting within the global digital economy,” said Garrett Gafke, CEO, IdentityMind. “IdentityMind, the industry pioneer in digital identities since 2013, is uniquely positioned to meet the needs of these global customers.”

According to Aite Group’s Julie Conroy, writing in “Top Ten Trends in Retail Banking and Payments 2018: Accelerating Evolution,” “…Digital identity management plays a pivotal role in financial services. Financial Institutions need to assert the identity of a digital customer requesting a service in real time while keeping friction in the transaction to a minimum. Static authenticators, such as passwords, are vulnerable to fraud and will increasingly be replaced by dynamic factors representing the individual’s digital identity and transactional behavior. Almost paradoxically, it will become possible to establish customers’ identity with near certainty while protecting their anonymity. This way, a customer’s personal data is much less exposed to data breaches, which is necessary to comply with privacy regulation such as the EU’s General Data Protection Regulation (GDPR).” IdentityMind is well positioned to address the risk management, fraud prevention and compliance requirements of financial and digital commerce businesses.

Key 2017 milestones included: 

  • Robust Enhancements to Fraud Detection, ICO, and KYC Solutions: IdentityMind delivered enhanced transaction monitoring and customizable workflows for enterprises in its sophisticated anti-fraud solution that utilizes machine learning to detect e-commerce and marketplace fraud. On the Initial Coin Offering (ICO) front, the company delivered a KYC plug-in that is popular with ICOs and allows companies to easily integrate a know your customer (KYC) solution within their own platform. The company also enhanced its global KYC capabilities by offering an SDK for image capture and selfie verification enabling customers to perform enhanced due diligence on their customers.
  • Improved AML Capabilities: IdentityMind delivered improved anomaly detection and machine learning capabilities to the company’s anti-money laundering (AML) risk-based solution that includes trusted digital identities, transaction monitoring, rules, case management, know your customer, regulatory reporting, and alerts.
  • Increased Traction in Marketplace and Shared Economy Businesses: The company witnessed increased traction in delivering solutions to marketplace and shared economy businesses. It’s commonplace for open marketplace buyers and sellers with mobile apps to become havens for money laundering. Buyer and seller collusion is commonplace. IdentityMind addresses this by vetting and connecting buyer and seller relationships beyond device identification. This also includes shared economy scenarios.
  • Global Customer Growth: IdentityMind experienced a 108% year-over-year customer growth rate, led by explosive growth in Initial Coin Offering (ICOs), a way for companies to raise money outside of the traditional venture capital channels. Today, IdentityMind has customers on six continents and is growing exponentially in Latin America, Canada, China, and the US.
  • Key Awards and Industry Accolades: IdentityMind Global was the recipient of several industry awards including: RegTech100 by FinTech Global; 100 Most Innovative Startups and 21 Top Fintech Companies for RegTech and Top 10 Fintech Startups; and Crowd Favorite Award at FinDEVr London.
  • Expansion in Latin America: IdentityMind opened a new office in Mexico City to provide training, support, and product development for the company’s growing Latin America customer base. IdentityMind also maintains offices in Spokane, Mexico City, London, and Beijing. Many people in Latin America are thin file customers with limited to no access to traditional financial services. This makes it challenging for traditional systems to identify them or even understand whether or not they represent a business risk. IdentityMind’s solution leverages digital identities to provide the most accurate risk assessment on the market.
  • Innovation Leadership with Patented eDNA™Technology for Trusted Digital Identities: As a follow on to the 2016 patent granted for IdentityMind’s core technology – Electronic DNA™, or eDNA™ – the U.S. Patent and Trademark Office granted two additional patents: (1) the use of Trusted Digital Identities to mitigate merchant risk and (2) the use of Trusted Digital Identities for sanctions screening of cryptocurrency transactions.
  • Strategic Additions to Executive Leadership Team: IdentityMind added industry veterans Gregg Gumbinger as vice president of channels and Rao Wu as head of global sales. Wu brings enterprise sales experience having previously held senior sales leadership roles with Jumio,, and Wheelhouse. Gumbinger has 30 years of deep payments and risk experience holding senior management positions at Integrity Payments, Bluefin Payments, Visa, Cybersource/, First Data Corporation, and was also the founding member of the Western States Acquiring Association.
  • Expanded Partner Ecosystem: IdentityMind provides one of the industry’s most comprehensive identity validation platforms on the market integrating 30+ vendors through a single, standards-based API. New integration partners to the IdentityMind partner ecosystem include: Confirm.IO, document authentication technology; Neoway, identity verification services for consumers and merchants primarily in Brazil and Latin America; White Wings Technologies, money service bureau (MSB) integration; KYC2020, a single source for checking lists for KYC, AML, PEP, and CFT due diligence and BitRank®, a provider of a scoring mechanism for digital currencies.
  • Increased Adoption of Digital Identity-based Systems in the Enterprise: IdentityMind saw increasing adoption of its platform and products in the enterprise as these companies have now come to realize the benefits of digital identity-based systems not just at the time of onboarding but throughout their customer’s lifecycle. The growth of mobile and other online channels will only further accelerate this trend.
  • Helping SMBs: IdentityMind found increasing popularity for its products among FinTech SMBs due to its ability to reduce operational costs and meet all their compliance requirements in one, integrated solution. FinTech’s include money remittance, lenders, money service businesses, and others.
  • Booming Adoption in the ICO Market: In 2017 IdentityMind realized significant customer traction in the ICO market, with over 30 clients using IdentityMind to raise over $450 million. IdentityMind is at the forefront of delivering an easy compliance solution to companies conducting an ICO.
  • Cryptocurrency Growth Fuels AML Demand: With the rapid escalation of cryptocurrencies in 2017, IdentityMind witnessed similar high demand for its AML solution including KYC and transaction monitoring, helping cryptocurrency exchanges meet transaction monitoring and regulatory compliance requirements.

IdentityMind at the Ready with GDPR Compliance: The General Data Protection Regulation (GDPR) is set to come into full effect on May 25, 2018 and will dictate how companies address data privacy and protection in Europe. Many companies will be at risk if they use identity data without the full consent of the data subject. IdentityMind fully complies with GDPR and uses it solely for fraud prevention and regulatory purposes.


Blog: “IdentityMind’s 10 Predictions for 2018 – KYC, AML, ICOs, GDPR and More”

White Paper: Trusted Digital Identities

Video: Trusted Digital Identities

Media Contacts 
Dan Rampe 
Director of Pubic and Analyst Relations 
IdentityMind Global 
Tel: 415-205-9378 
Email: drampe(at)



The following was written by Garrett Gafke, CEO of BGV II portfolio company IdentityMind Global, for Forbes magazine, December 7 2017.

If the digital economy takes our analog products and services and transforms them for the digital channel, the shared economy takes our analog experiences and removes the burden and expense of ownership. Many have taken the shared economy’s taxi cab alternative and maybe even stayed in a hotel alternative. The shared economy is like a modern timeshare without the time requirement or the awkward marketing pitch. However, like all new areas, the transition into it is still built on analog models.

Just as web browser encryption in the early days of the web was treated as a munition by regulators until a more appropriate way to classify or treat it was created, the shared economy often relies on physical identification that represents only a single piece of the risk management puzzle — and one that can’t keep up with our multi-channel world. For instance, the terrorist who recently perpetrated a large scale act of violence in New York had a valid drivers license, which was enough identification for him to rent the van he used in the attack.


On a daily basis, this same type of information is used to identify the people who deliver the packages ordered through major online retailers, drive for ride-sharing services, run errands for on-demand task services and more. As it turns out, companies today are far too reliant on drivers licenses, passports, birth certificates and even a basic background check. These old methods can’t track relationships and are not very informative of a person’s trustworthiness or reputation. The old methods can’t keep pace with a new generation of criminal and fraudster and, typically, are not very secure.


A poor link in the security chain or a bad decision can open the door for personal information to be discovered. Then the floodgates to a wide variety of fraud types are open. And, while network security and personal security habits can be improved, hackers are savvy and can often gain access to most systems given enough time.

With all the recent data breaches, it is safe to assume that essentially all physical data has been stolen or generally compromised. While physical or static identity data has value, there is too much at risk to solely rely on it. Online activity provides a digital footprint — a footprint that can be analyzed to help better understand users and their relationships. It is this footprint, in combination with physical information, that becomes fundamental to assessing the risk of an individual.


Digital identities combine the digital and physical attributes of an individual. The resulting identity can be an evolving asset that enables better identity proofing and risk assessment. A digital identity can update at the speed of digital transactions to capture the dynamic nature of online behaviors, and those behaviors, in turn, can be used to assess the true identity and the intent of the individual. More importantly, a digital identity can ensure that we can distinguish between the real user behind an identity and a fraudster who has stolen it.

When we started building our platform and patented Electronic DNA (eDNA™) technology, it was the only commercial technology focused on and speaking about how to connect the digital and physical aspects of an identity to perform a better risk assessment. Fast forward a few years and digital identity is a term that the market is starting to accept as fundamental in identifying the risk of dealing with online users and in establishing trust online.

Ultimately, digital identities can become assets that can be monitored for changes in behaviors. That is how one can detect compromised accounts and identity theft. You definitely want to know that the person you originally vetted is really the person you continue to deal with, and you want to know that the data that is being presented to you by a user actually belongs to that user and hasn’t been stolen.

Back to shared economies, we would all certainly feel safer if we knew that the driver we were riding with, the guests in our shared house or our food delivery person had been properly vetted by the service we were using. The growing economy around these services could be severely damaged if it chooses to ignore the risks of dealing with poorly validated members — both as providers and consumers of these services. As pointed out earlier, it only takes a quick review of the New York incident or Colorado’s nearly $9 million dollar fine on Uber to begin seeing the risk these services face. The shared economy is not going away. Nor is the need to vet people at a digital identity level.