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Contxto – Dark Horse Ventures, Finnovista, among other parties, recently invested US$600 thousand into Mexican startup Tu Identidad. The digital identity platform is a new business tool helping clients verify customers, providers, employees, users, as well as commercial partners.
Mexican businesses across various industries still use inefficient ID confirmation systems. At times, this results in lost time and resources. To fix this, Tu Identidad has transformed the Know Your Customer (KYC) and ID verification processes. Affiliates benefit from the startup’s portable product where credentials are easily available over mobile devices.
The funds will go towards adding new technological features and platform services to the Android and iOS app. Soon to be available on desktops, the funds will also fortify its Mexican operations while also propelling international expansion.
A group of former bankers, corporate lawyers and techies founded Tu Identidad in Mexico City in 2017. In terms of vision, the company aspires to create a streamlined ID verification ecosystem for both users and businesses. The startup’s services can perform quick ID checks or even assist in the onboarding processes for banks or other businesses.
CEO of Tu Identidad, Ricardo Robledo, intends to disrupt the system, improving it once and for all.
“We are very proud of our innovative solution and we are strongly convinced that we will be able to change the paradigm to identify a person,” said Robledo. “This important milestone will help us to make our dream come true.”
“Our team knows the problem very well from the trenches since it has dealt directly with the current existing friction and constraints the regulation poses on the customers and institutions.”CEO of Tu Identidad, Ricardo Robledo
Some of the investors believe that innovative verification services are the solutions for Mexico business culture, especially human resource departments.
“Authentication-as-a-service represents a very attractive opportunity for Mexico and Latin America, regions where regulatory-driven requirements have led to expensive and inefficient business processes,” said Nicholas Broz, founding partner of Dark Horse Ventures.
“Tu Identidad resolves a real problem faced by Mexican individuals and businesses, offering a safe, streamlined solution to identity proofing and regulatory identification, as well as preventing identity fraud. We completely support Tu Identidad’s vision and, thanks to the qualifications and experience of the team, we are very confident that they will achieve it.”Founding partner of Dark Horse Ventures, Nicholas Broz