AI-powered IDV solutions platform, Shufti Pro, has unveiled that it has raised $20 million in Series A funding to accelerate growth providing a variety of verification processes globally.
The Series A funding round was led by Updata Partners, a tech-focused growth equity firm.
“We were impressed by the technology and commercial progress achieved by a bootstrapped business. Shufti Pro is poised to build on this strong foundation and accelerate growth,” said Braden Snyder, Partner at Updata Partners.
The funding will be used to accelerate Shufti Pro’s global expansion providing additional resources to push their completely automated solution to new markets to help solve organisation’s unsatisfactory IDV process, enhance its IDV solutions and extend the company’s compliance suite.
Insured Declared Value (IDV) is the maximum sum assured fixed by the insurer which is provided on theft or total loss of vehicle. The process calculates IDV and the result is the current market value of the vehicle.
Founder and CTO of Shufti Pro, Shahid Hanif, said, “The funding round was about finding a strategic partner that has the relevant experience and knowledge, which we truly believe we have found. We can now develop more exciting products and solve onboarding and compliance issues faced all over the World.”