Indonesian ID and data verification startup Verihubs gets $2.8M led by Insignia Venture Partners

For many financial institutions in Southeast Asia, verifying new customers takes a week or two, said the founders of Verihubs. The startup cuts that time down to as little as five seconds, using AI-based identity authentication technology and APIs that let companies continue verifying returning customers through SMS, WhatsApp or flash calls.

Verihubs announced it has raised $2.8 million in seed funding for its goal of becoming “the one-stop for verification in Southeast Asia.” The round led by Insignia Venture Partners, with participation from CCV (Central Capital Ventura, the investment arm of Bank Central Asia, the largest privately-owned bank in Indonesia), and Armand Ventures. The round also include angel investors from notable Southeast Asian startups like Shipper co-founder Budi Handoko; Payfazz co-founders Jefriyanto and Ricky Winata; Gotrade co-founder Rohit Mulani; Bukuwarung founder Chinmay Chauhan; and Modalku ex-chief product officer Pramodh Rai.

The startup recently finished taking part in Y Combinator’s summer 2021 batch and says it is the first YC-backed AI startup from Indonesia.

Based in Jakarta, Verihubs was founded in 2019 by Rick Firnando, who has more than 9 years of experience in the B2B industry, and Williem Williem, an AI researcher who holds a PhD in computer vision from South Korea’s Inha University. The company currently has 46 customers, including major banks and fintechs, and the founders say it is on track to hit 100 customers soon. While most of its current clients are in the financial space, Verihubs technology can also be used for e-commerce, rental marketplaces and hospitality (one of its clients is a hotel that uses Verihubs for its check-in process).