For a lot of monetary establishments in Southeast Asia, verifying new prospects takes per week or two, stated the founders of Verihubs. The startup cuts that point right down to as little as 5 seconds, utilizing AI-based identification authentication know-how and APIs that allow firms proceed verifying returning prospects via SMS, WhatsApp or flash calls.
Verihubs introduced it has raised $2.8 million in seed funding for its purpose of changing into “the one-stop for verification in Southeast Asia.” The spherical led by Insignia Enterprise Companions, with participation from CCV (Central Capital Ventura, the funding arm of Financial institution Central Asia, the biggest privately-owned financial institution in Indonesia), and Armand Ventures. The spherical additionally embrace angel buyers 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 lately completed collaborating in Y Combinator’s summer time 2021 batch and says it’s the first YC-backed AI startup from Indonesia.
Based mostly in Jakarta, Verihubs was based in 2019 by Rick Firnando, who has greater than 9 years of expertise within the B2B business, and Williem Williem, an AI researcher who holds a PhD in laptop imaginative and prescient from South Korea’s Inha College. The corporate at present has 46 prospects, together with main banks and fintechs, and the founders say it’s on observe to hit 100 prospects quickly. Whereas most of its present purchasers are within the monetary house, Verihubs know-how will also be used for e-commerce, rental marketplaces and hospitality (one in all its purchasers is a resort that makes use of Verihubs for its check-in course of).
Earlier than adopting Verihubs, a lot of its purchasers had been nonetheless verifying prospects manually, stated Firnando. Verihubs serves as an end-to-end verification answer, “as a result of integrating with a number of distributors is painful for builders to do,” he added. That’s the reason it permits purchasers to carry out KYC (know your buyer), gives telephone quantity verification utilizing WhatsApp or SMS and likewise verifies prospects’ monetary information.
When finish customers log onto an app that makes use of Verihubs for the primary time, they’re prompted to take a selfie after which add a photograph of a government-issued photograph ID. Then Verihubs AI-based know-how compares the 2 photographs to see in the event that they match, and likewise cross-references the ID with telecom credit score scores and Indonesian authorities databases, together with felony data.
Verihubs serves two sorts of finish customers—those that have conventional financial institution accounts and “unbanked” folks. The startup’s new funding from Central Capital Ventura will assist it develop its providers for customers with financial institution accounts, since it will likely be in a position to accomplice with BCA to entry their prospects’ information. For unbanked customers, Firnando stated Verihubs is working carefully with Payfazz, which lets prospects deposit cash with native brokers to make use of for on-line funds, and BukuWarung, a bookkeeping app for SMEs, to entry transaction information.
The startup’s product pipeline additionally consists of constructing its personal credit score scores, primarily based on information like transactions and account balances. Verihubs is at present targeted on Indonesia, with plans to develop into different Southeast Asia markets finally.
“For the ID verification system, we discovered that there’s already a product-market slot in Indonesia, however we want to develop into new merchandise,” Firnando stated. “We consolidate monetary information from a number of sources, not just for banks, but additionally unbanked populations. And we’re additionally exploring increasing into new markets, just like the Philippines and Vietnam.”