iDenfy, a global RegTech solutions hub, partnered with Venevo, a Romania-based crowdlending startup that operates as an EU-licensed Crowdfunding Service Provider and focuses on bridging the gap between ideas and investments.
iDenfy’s identity verification software, together with built-in AML screening tools, will help approve new entrepreneurs and investors on the Venevo platform quickly, ensuring a fully automated onboarding flow.
Financial irregularities
Identity fraud and financial irregularities remain pressing concerns. Recent data from the European Anti-Fraud Office revealed that financial irregularities exceeded €1.2 billion across EU member states in 2024, underscoring the urgent need for secure and efficient identity verification tools.
According to Domantas Ciulde, the CEO of iDenfy, generative AI fraud, combined with more sophisticated methods to forge identity documents, has created a new pathway for criminals who aim to bypass Know Your Customer (KYC) checks using deepfakes and similar fraudulent techniques.
Know Your Customer (KYC) verification
“Our software now carries multi-layer KYC verification options. For example, our newest partner, Venevo, combines biometric checks with government-issued ID document verification to build a bulletproof verification flow,” added Domantas Ciulde.
According to the lead man behind iDenfy, fraud detection is vital, especially in high-risk industries like finance or crowdfunding.
Automated customer onboarding
Venevo’s team knew they wanted to partner with a responsible KYC/AML service provider
“We see people manipulating data very often, even on platforms where the base of the customers should be serious and transparent in theory. For example, loan fraud, where people manipulate their documents during financial background checks to access bigger sums, remains a huge issue.”
Understanding these security challenges, Venevo’s team knew they wanted to partner with a responsible KYC/AML service provider that has experience and can help their rising startup build a fully automated customer onboarding flow from scratch.
Venevo
Venevo is a platform supervised by the European Securities and Markets Authority (ESMA) and Romania’s Financial Supervisory Authority (ASF) that connects entrepreneurs with investors, enabling innovative projects to secure funding of up to €5 million annually.
“We strongly believe that through cooperation, people can accomplish far more together than they ever could alone. This idea became the foundation of our company which empowers both entrepreneurs and investors to collaborate for mutual benefit,” said Tudor Oprea, the Co-Founder of Venevo.
Identity verification and AML screening services
These tools provide seamless, real-time verification of user identities, meeting the stringent compliance
Venevo integrated iDenfy’s identity verification and Anti Money Laundering (AML) screening services to ensure the trust and security of its innovative business operations approach. These tools provide seamless, real-time verification of user identities, meeting the stringent compliance standards required by regulators at the same time maintaining the best user experience.
This new collaborative approach empowers both parties, offering entrepreneurs access to resources and investors, providing more confidence to support projects in a secure and transparent environment.
Three-dimensional face maps
iDenfy’s technology is built to deliver global user onboarding activities, recognizing and verifying over 3,000 types of identity documents from more than 200 countries and territories.
From passports and ID cards to driving licenses and residence permits, iDenfy ensures that users can securely complete their onboarding process regardless of their location. This robust verification capability is complemented by advanced biometric facial recognition and 3D liveness detection, which create three-dimensional face maps to prevent fraudulent attempts using photos, masks, or AI-generated images.
Real-time checks
In addition to identity verification, iDenfy’s AML screening services are designed to meet regulatory standards
In addition to identity verification, iDenfy’s AML screening services are designed to meet the highest global regulatory against fraud standards.
By integrating real-time checks against various worldwide sanctions, watchlists, and politically exposed persons (PEPs) from Interpol, Europol, FBI, and many other organization lists, iDenfy ensures that users are screened for potential risks and adverse media.
Maintaining compliance
The system is regularly updated to maintain compliance with evolving regulations, providing platforms like Venevo with the tools needed to safeguard their ecosystems against fraud and money laundering. For Venevo, this partnership represents a significant milestone in its mission to redefine crowdfunding.
Venevo was established to address the funding challenges faced by entrepreneurs, offering a collaborative platform that connects project developers with investors and industry specialists.
Intuitive and versatile identity verification solutions
“Our collaboration with iDenfy allows us to focus on what matters most: empowering entrepreneurs and investors. We chose iDenfy for its intuitive, reliable, and versatile identity verification solutions, which allow our users to verify their identities seamlessly across multiple devices and platforms,” said Tudor Oprea, the Co-Founder of Venevo.
Domantas Ciulde, the CEO of iDenfy, noted, “Our mission is to provide businesses with the tools they need to combat fraud and maintain trust. We’re excited to help Venevo scale and attract more users through a seamless and compliant onboarding flow.”
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