Sao Paulo-based idwall started as an automated background check solution and has since grown into a suite of data and identity validation products.
Now the company has raised $10 million in a Series B round led by San Diego-based Qualcomm Ventures.
Idwall uses machine learning and AI to to help companies “build a seamless digital onboarding process” via its face match, background check and automated optical character recognition (OCR) offerings.
The company said its APIs verify personal documents and information by searching in public and private databases “quickly and pursuant to the compliance rules.” idwall does all this by first validating that an ID is authentic.
Having worked to create a digital bank and a marketplace to rent construction equipment, idwall’s co-founders realized firsthand how businesses can be impacted by fraud.
“The rise of fintechs, marketplaces, and gig-economy startups created a need for an automated background solution for companies, suppliers, and clients,” Yoshimura continued.
Idwall helps with that via its “MeuID” solution, which stores in a single wallet all the documents necessary for the onboarding processes of fintechs, startups, office buildings, and other customers.
In general, the Brazilian startup scene is heating up as more companies attract venture dollars from global investors.
Earlier this week, we reported on Kovi, a fast-growing 17-month-old Brazilian mobility startup, raising a $30 million Series A led by Global Founders Capital.