Veridas Increases Capital By €15 Million; Boosts Global Expansion As An Identity Company

Veridas, a Spanish company specializing in digital identity and biometrics, has announced a 15 million Euro capital increase from its own partners and new positioning as a global identity company, offering solutions for identity management in digital and physical spaces.

In addition, Veridas has integrated dasGate into its platform for identity management across the customer lifecycle. Veridas has experienced a 133% growth over 2021 and expects to grow by a further 100% by 2023, with an estimated annual turnover of 26.3 million Euros and a planned workforce of 278 employees.

Differential value proposition

Veridas is a global company of Navarrese origin that began its journey in 2017 as a joint venture with BBVA. Since then, the company has gained the trust of more than 250 clients in 25 countries, in sectors as demanding as banking, insurance, telecommunications, public administration and more.

Veridas is a global company of Navarrese origin that began its journey in 2017

“We are a global company with a presence in Spain, Mexico, the United States, United Kingdom and we continue to expand with new customers, thanks to the differential value proposition in our industry,” said Eduardo Azanza, CEO of Veridas.

He adds, “There are not many companies in the world that can verify and authenticate the identity of users in the digital and physical space while simultaneously offering customers a complete identity platform. Veridas was created to guarantee the right to use real identities in the digital and physical world. We envision a future without passwords and keys where people are privately, securely, and voluntarily identified.”

Accessing gambling halls

In conjunction with the capital increase, Veridas has announced the incorporation of dasGate, which until now had operated as an independent company focused on access management with facial biometrics.

dasGate has achieved major milestones in recent years, from being the first facial recognition access system for football stadiums in Spain to becoming the preferred solution in Spain to prevent minors from accessing gambling halls.

Its solution uses facial recognition, both informed and voluntary, which is changing the way attendees access physical spaces including establishments, sporting events, or concerts. Its technology presents a quick way to gain access without the need to carry credentials of any kind, increasing security for organisers and owners who not only know how many people are entering their venues, but who they are. 

Data protection regulations

Veridas offers its solutions in different use cases based on a regulationVeridas is committed to leading the way in the use of biometric technology to comply with data protection regulations. The company believes in the right of citizens to prove, if they wish, their identity in the digital and physical realm using biometrics. However, this does not constitute an obligation. 

From that perspective, Veridas offers its solutions in different use cases based on a regulation that has been in place for several years and continues to grow in various sectors (financial, gaming, and trusted e-services providers) and in access to football stadiums.

Automated and adaptable solutions

Through its modular, 100% automated and adaptable solutions, Veridas enables its customers to solve any identification scenario with a single provider. This is possible thanks to its proprietary user authentication technologies such as facial biometrics, voice biometrics and ID document verification.

"Everything we have done so far has been in preparation for this historic moment for our company,” continued Eduardo Azanza, adding “We are here to make Veridas one of the top 3 companies in the world in the field of identity in the next 5 years. Two levers will make it possible: an exceptional team, which is constantly growing, and a technological product that has performance and potential amongst the best.”