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Veridas announces €15 million rights issue to drive global expansion as an identity company

The Spanish tech firm has integrated dasGate in its platform and targets 100 percent growth by 2023, with €26.3 million in revenue and 278 employees.

Veridas, a Spanish company that specializes in digital identity and biometrics, has announced a capital increase of €15 million in the form of a rights issue to its own shareholders. The move signals a new positioning as a global identity company, offering solutions for identity management in digital and physical spaces alike. In addition, the company has embedded dasGate in its identity management platform throughout the customer lifecycle. Veridas reported 133 percent growth versus 2021 and expects to grow a further 100 percent by year-end 2023, with estimated annual revenue of €26.3 million and a planned workforce of 278 employees.

Veridas is a global company founded in Navarra, Spain. The firm started up in 2017 as a joint venture with BBVA. Over the past few years, the company has gained the trust of more than 250 customers in 25 countries, in sectors as demanding as banking, insurance, telecommunications and government.

"People's Real Identity, assured by Veridas solutions, is the linchpin of secure digital transformation. We can enhance the user experience with no passwords and no keys. We are a global company, with a presence in Spain, Mexico, the United States, the United Kingdom and Italy. We continue to expand hand in hand with our customers, thanks to a distinctive value proposition in the identity sector. Veridas technologies (rated among the best in the world by entities such as NIST in the United States) enable us to prove the identity of individuals in digital and physical space alike. We are already doing this, onboarding customers with a 'selfie' in bankingprocessing pensions or services with voice biometrics, or entering stadiums or border check points with facial biometrics. At the same time, we strictly uphold people's fundamental rights," stated Eduardo Azanza, CEO of Veridas.

"Veridas was launched with the purpose of assuring people's right to the use of their real identity in the digital and physical worlds. So we envision a future without passwords and keys where people are privately, securely and voluntarily recognized for who they are," he continued.

dasGate is now Veridas

Coupled with the rights issue announcement, Veridas unveiled the integration in its main platform of dasGate, which so far has operated as an independent company focusing on facial biometric physical access management.

dasGate has achieved major milestones in recent years: it is the first facial recognition access system for soccer stadiums in Spain; and it has become the go-to solution in Spain to prevent access by minors to gambling venues. dasGate's solution relies on facial recognition--with the informed consent of the individual concerned. This technology is changing the way people access physical spaces: retail locations, sporting events, concerts, and so on. Facial biometrics technology provides a faster way to gain access without the need to carry credentials. It is also more secure for organizers and venue owners who not only know how many people are entering their spaces, but also who they are.

The Veridas team

Veridas is committed to leading the way in the use of biometric technology to comply with data protection regulations. The company believes in individuals' right to choose to prove their identity in the digital and physical realms using biometrics. On the other hand, there is no obligation to do so.

From this perspective, Veridas offers its solutions in different use-cases based on a regulation that has been in place for several years and continues to gain traction in several sectors (financial services; gambling; and trusted e-services providers) and in access to soccer stadiums.

Through modular, 100 percent automated and adaptable solutions, Veridas enables its customers to address any identification scenario using a single provider. This is possible thanks to its proprietary user authentication technologies, such as facial biometrics, voice biometrics and ID document verification.

"Everything we've done so far has been about getting ready for this historic moment in our company's history. We're here to make Veridas one of the top 3 identity companies in the world, and do so in the next 5 years. Two levers will make this possible: an outstanding team that continues to grow, and a tech product that delivers world-class performance and potential every day," said Azanza.