Indonesia-based startup Verihubs has recently raised $2.8 million in a seed funding round led by Insignia Venture Partners. This fresh infusion of funds will help the company to achieve its goal of becoming “the one-stop shop for verification in South East Asia.”
The funding round also saw participation from Central Capital Ventura, the investment arm of Indonesia’s largest private bank-Bank Central Asia, and Armand Ventures along with the startup’s angel investors- Budi Handoko (Shipper Co-founder); Jefriyanto and Ricky Winata (Payfazz co-founders); Rohit Mulani (Gotrade co-founder), Chinmay Chauhan (Bukuwarung founder); and Pramodh Rai (former Modalku Product manager).
According to the founders of Verihubs, most of the financial institutions in Southeast Asia, verification of new customers takes about a week or two. The go-live application reduces that time to just five seconds. Verihubs leverages AI-based identity authentication technology and APIs (Application Programing Interface) that allow companies to continue to verify returning customers through text message, WhatsApp, or flash calls.
Before engaging the services of Verihubs, most of the clients were verifying customers manually, said Rick Firnando. He added the Verihubs platform acts as an end-to-end verification solution since integrating with various vendors can be challenging for developers. The platform allows clients to do Know Your Customer (KYC), provides phone number verification by using SMS or WhatsApp and also verifies the financial data of the user.
Once the user logs on to the Verihubs app for the first time, the app prompts the user to take a selfie and upload a photo of a government-issued photo ID. The AI-based technology of Verihub then compares the two photos to check if they match, and also cross-references the ID with the government database and telecom credit scores, including criminal records.
Verihubs has recently ended its participation in Y Combinator making it the country’s first YC-backed AI startup.
Founded in 2019 by Rick Firnando, who has almost a decade of experience in the B2B industry, and Williem Williem, an AI researcher with a PhD in computer vision. Verihubs presently has 46 clients that include fintech and major banks, and according to the founders the company is on track to reach 100 clients shortly.
Majority of Verihubs clients are in the financial segment, however, it can also be used for rental markets, ecommerce, and hospitality.
Verihubs is presently focused on Indonesia but plans to expand into other markets of the Southeast Asian region.