Paris-based biometric ID verification startup Ubble has announced that it has raised €10 million in seed funding, with participation from Partech and Breega, that will go towards the continued expansion of its business operations and reach for its remote, artificial intelligence (AI) based anti-fraud solution.
Ubble’s solution works by having users record a live video of their face as well as their ID documentation, which is then fed through proprietary algorithms for real-time analysis to determine the authenticity of the data captured by the video.
Biometric data from the video, once determined to be authentic, is compared against the information gathered from the ID documentation in real-time to determine if the two are a match. A final step has all conclusions given a final validation by Ubble’s anti-fraud experts.
Ubble also recently announced a partnership with French investment bank Bpifrance, who will use Ubble’s solution to authenticate the identity of individuals seeking business support loans following the COVID-19 crisis.
Solutions like the one offered by Ubble are growing in demand during the COVID-19 era, which has led to a rise in cybercrime that coincides with the rise in remote work, remote banking, leading to the need for remote onboarding and authentication.
“This new fundraising and this project with Bpifrance are for us an additional step in the conquest of the European market of identity verification ,” said Ubble Co-founder Juliette Delanoe. “ We confirm our desire to become a leader in French and European Tech: combining cutting-edge technology, compliance with French and European regulations and respect for user data.”
Though initially developed as a solution for the fintech sector, Ubble has managed to extend into a variety of companies including rental, public service and healthcare platforms.
June 29, 2020 – by Tony Bitzionis