SINGAPORE and TOKYO, Feb. 18, 2020 /PRNewswire/ -- Credify Pte Ltd is proud to announce it has successfully closed a USD 1M seed round investment with two leading Venture Capital funds: BEENEXT and DEEPCORE.
Credify provides Universal Identity and Trust System solutions to companies active in e-commerce and finance. Credify's Universal Identity product acts as a personal data bridge, connecting consuming services like e-commerce marketplaces and lending platforms with institutions that possess valuable, yet untapped information like identity verification results and credit scores. In this way, Credify enables entirely new revenue streams for these traditional organisations in a completely secure and data privacy compliant manner.
On top of this powerful identity system, Credify is developing an innovative credibility mechanism that addresses issues inherent to the trust systems we rely on in e-commerce and digital lending, like fraud and manipulation, that lead to an estimated USD 1T in transacted value being negatively impacted every year.
Chosen out of 250+ companies around the world, Credify is one of the outstanding startups in Plug and Play Japan's 2020 FinTech Accelerator program. Credify was also awarded the UK Tech Rocketship: Future of Financial Services Award 2019 by the UK's Department of International Trade and Scottish Development International.
This funding round allows Credify to enhance the development of its suite of products, further localize its software development operations in South East Asia, and move ahead with its live client engagements. ASEAN nations represent the fastest growth opportunities globally in FinTech and E-commerce: USD 72B FinTech market with 72.5% CAGR by 2020, and USD 102B E-commerce market by 2025. At the same time, South East Asia fraud rates in finance and e-commerce are one of the highest globally. Credify aims to tackle these issues with its leading-edge technologies.
Credify CEO Makoto Tominaga expressed his excitement: "This investment from BEENEXT and DEEPCORE represents far more value than the capital that will assist us as we execute on our vision to elevate trust in digital economies. Both firms bring with them strong networks within our target markets and deep understanding of the strategic and practical execution necessary to transform early stage businesses to large-scale growth enterprises. Credify could not have asked for better partners in this early stage of our journey, and we are overwhelmed with appreciation to have this opportunity to work with both teams for many years to come."
BEENEXT CEO Teruhide Sato shared his thoughts on the investment: "We were impressed by the quality of Credify's multi-disciplinary team and the technology they have developed which provides great synergies with some of our portfolio companies. We look forward to supporting Credify in its business development and expansion in South East Asia and beyond."
DeepCore commented: "We appreciate the Credify team's deep understanding of the industry's pain points and the ability to implement cutting-edge technologies, such as blockchain, into systems to solve issues. We hope that the excellent team that has developed the business at KERNEL HONGO will expand its business to the world by solving issues in areas where counterparty risk occurs."
Credify is a Singapore based software development company offering Universal Identity and Trust System solutions to e-commerce and financial services companies. Credify's patent pending protocol and services are built on secure distributed ledger technology. For more information on Credify please see: https://credify.one/
BEENEXT is a Venture Capital firm that is managed by serial entrepreneurs and focuses on assisting founders with operational experience, network, trust, unique perspectives, and capital. The team invests in early-stage tech startups to establish a platform of the founders, by the founders and for the founders across the globe, primarily in India, South East Asia, Japan and the US.
DEEPCORE, whose mission is to be a "CORE for Disruptive Innovations," is an AI-focused incubator that cultivates young and talented entrepreneurs in the AI field, especially in the Deep Learning arena. DEEPCORE aims to build an ecosystem that fosters entrepreneurs who generate disruptive innovations with technologies and use AI technologies, including Deep Learning, in society. DEEPCORE opened the community and co-working space "KERNEL" (in Hongo, Bunkyo-ku, Tokyo) in summer 2018, and built an AI technology-driven community that enables joint projects with companies and support startups.