Compliance & Regulation

Credify raises USD1 million in seed round

Credify, a Singapore-based counterparty credibility solution provider, has announced that it has raised USD1 million in a seed round from Beenext and Deepcore, an AI-focused incubator backed by SoftBank.

Credify has said that it plans to use the new capital to enhance the development of its products, further localize its software development operations in Southeast Asia, and move ahead with its live client engagements, according to a statement.

Credify provides universal identity and trust system solutions to help tackle credibility issues in ecommerce and lending.

Acting as a personal data bridge, its universal identity product connects consumer services, such as ecommerce marketplaces and lending platforms, with institutions that possess information like identity verification results and credit scores.

In this way, Credify says it enables new revenue streams for traditional organizations in a blockchain-secure and data privacy-compliant manner, according to a report by TechinAsia.

According to the Crefify webpage, 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 globally one of the highest. Credify aims to tackle these issues with its software backed by patent-pending technologies.

The firm offers the products Credify Universal Identity, with additions including a Data Bridge or a Trust System.

Credify was Co-Founded by Makoto Tominaga, CEO, and Shuichi Nagao, Director of Engineering, in 2018. Prior to founding the firm, Tominaga was Director of Business Development, APAC for Validity Sensors, and Nagao was a Frontend Engineer for Pand.ai, a financial chatbots creator based in Asia.