The startup Incode, which specializes in identity verification and authentication powered by artificial intelligence (AI), announced the opening of an office in Brazil.
Based in San Francisco, California, this company has served specific clients in the South American country since 2021, although it needed a formal local presence.
The primary purpose of Incode is to establish itself as one of Brazil’s leading digital identity solutions providers. It is dedicating resources to its expansion and growth in the country to serve more clients and increase its market presence.
Viviane Freitas Sales, General Manager of Incode Brazil, revealed the company’s ambition to double its market share in Brazil next year.
However, details about revenue forecasts or customer acquisition goals were kept a secret. Among the clients already being served by Incode in Brazil are Nubank and Rappi.
As part of its expansion strategy in Latin America, Incode will seek to partner with major companies in the country in sectors such as banking, fintech, tourism, airlines, and entertainment.
Incode’s main bet is its flagship product, the Incode Omni platform, an identity verification system based on its artificial intelligence.
This platform promises safer, faster, and more reliable transactions, and according to the company, it can reduce identity verification fraud by up to 99%.
Incode, founded in Silicon Valley in 2015 by Mexican entrepreneur Ricardo Amper, achieved “unicorn” status at the end of 2021 after raising USD$225 million in a Series B funding round, bringing its valuation to USD$1.25 billion.
Since then, it has experienced steady and significant growth. Its Development Center in Serbia has tripled in size, as has its number of employees.
Among its clients are financial institutions such as Citi, Banorte, and Sabadell, as well as companies like GBM Plus, Algo, Flynk, Konfío, and Clip.
This move by Incode to Brazil represents a significant milestone for the digital identity market in the country. The startup offers a solution to help companies combat fraud and improve the customer experience.
Incode is well-positioned to expand in Brazil, an emerging market with significant growth potential in the technology sector. Additionally, the company has a management team with experience in the Brazilian market.