Shufti Pro announces $20 million Series A funding to accelerate growth

Victor Fredung, Chief Executive Officer of Shufti Pro

An AI-powered IDV solutions, Shufti Pro, has announced that it has raised $20 Million in Series A funding led by Updata Partners, a tech-focused growth equity firm.

The fund will help accelerate global expansion providing additional resources to push their completely automated solution to new markets to help solve organisation’s unsatisfactory IDV process, enhance its IDV solutions and extend the company’s compliance suite.

Shufti Pro impressive global market reach

Shufti Pro’s mantra is to provide a seamless digital client experience when it comes to KYC, and as such the firm provides a diverse range of solutions with identity verification at its core.

With the World changing and digital transformation accelerating, digital identity services have become the cornerstone of any organisation looking to verify the identity of customers. As businesses undergo digital transformation, relying on trusted IDV partners has become vital.

Victor Fredung, CEO of Shufti Pro said, “Our fully automated platform allows clients to incorporate a frictionless verification process specific to their objectives and provides the flexibility to address data privacy and security requirements, including the ability to deploy an on-premise solution. We strive to provide the coverage demanded by borderless firms.”

There is a need for a compliant solution for onboarding, background checks and management that operates across borders without the prejudice of regions, business types and languages.

Shufti Pro seamless product solution

Due to increasing global demand for a comprehensive solution to its digital crisis and Shufti Pro answers these questions with unique capabilities:

  • Automation; the most advanced fully automated solution.
  • Global coverage; on various reading capabilities in all major languages including Arabic.
  • Configurable and customisable; while specialising in unique requirements. Our solution can be installed on-premise which is a unique advantage. We comply with even the most stringent regulatory requirements such as VideoKYC in Germany or data retention in UAE.

The company is already serving 500+ clients globally as per Founder and CTO of Shufti Pro, Shahid Hanif. He further said, “The funding round was about finding a strategic partner with relevant experience and knowledge, which we believe we have found. We can now develop more exciting products and solve onboarding and compliance issues faced all over the World.”

For more than 20 years, Updata, a firm that believes in creating exceptional outcomes for customers, employees, and shareholders, has supported entrepreneurs in B2B software that have a growth mindset and acknowledge capital efficiency.

“We were impressed by the technology and commercial progress achieved by a bootstrapped business. Shufti Pro is poised to build on this strong foundation and accelerate growth.”- said Braden Snyder, Partner at Updata Partners.