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AuthBridge Raises $7 Mn Series B Funding From Phi Capital

The capital raised will go towards scaling tech innovation, hiring top talent, and launching new products to add value to AuthBridge clients

AuthBridge Raises $7 Mn Series B Funding From Phi Capital

India based startup AuthBridge has managed to raise $7 million dollars from Delhi-based Phi Capital in a Series B funding round. Founded in 2005, this Identity management and authentication startup has decided to use the funding for tech advancement, launching new products, and strengthening its workforce.

The technology offered by AuthBridge helps in the verification, onboarding, and management of customers, vendors, employees, and other stakeholders of various end-to-end digital platforms. The startup has claimed to have more than 1,500 clients, including Fortune 500 companies and Indian unicorns across over 30 different sectors.

Fintelle, a financial intelligence brand recently launched by AuthBridge offers services like Risk Intelligence, KYC, etc for the BFSI sector. Supported by the education, proprietary identity, and criminal databases in the country, AuthBridge’s products are AI and ML-powered.

The founder and CEO of AuthBridge, Ajay Trehan said, “This investment is a testament to our efforts in paving the road for the authentication ecosystem in India. The capital raised will go towards scaling technology innovation, hiring top talent, and launching new products to add value to our clients.”

Growing at 13.17% CAGR, the global Identity and Access Management market is expected to reach $247.58 billion by 2026 end. The increased demand for mobility solutions and the need for compliance management has led to the rapid growth of this market. Access to management solutions and deployment of tech like cloud computing will only increase the growth rate of this market.

Founder and managing director of Phi Capital, Anupam Thareja said, “AuthBridge is a home-grown company that is solving the challenges in background verification, KYC, and fraud detection while building data and AI-led solutions for risk mitigation. We are confident AuthBridge is going to play a pivotal role in setting standards for a great digital user/employee experience in a post-pandemic era.”

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