ID verification firm targeting further growth following new €60m facility

No 1 Spinningfields

The Manchester operation of identity proofing and digital identity provider, IDnow, is expected to benefit from a new financing deal worth up to €60m.

Munich-based IDnow opened its Manchester operation, at 1 St Peter’s Square, in June 2020, employing three staff, initially.

It has since relocated to 1 Spinningfields, where it employs 25 people, up from 12 at the start of the year, and the new debt facility from funds and accounts managed by BlackRock, is expected to help drive further recruitment, and even possible acquisitions.

The new capital will also be used to scale investments across a range of strategic initiatives including the introduction of new identity proofing solutions and continued geographic expansion.

IDnow was founded in 2014 in Munich and offers a comprehensive suite of identity proofing solutions addressing a wide range of mission-critical use cases from low to high assurance levels.

It serves more than 900 sector-leading enterprise customers across multiple verticals with coverage of 195 countries.

Andreas Bodczek, CEO of IDnow, said: “We are proud to have been able to raise financing to support IDnow’s business objectives to further grow the company.

“Securing this debt facility from BlackRock reflects their high confidence in the strength of our business. The funding comes at the perfect time for IDnow to continue driving our ambitious growth strategy and we look forward to working with BlackRock.”

Joe Lichtenberger, CFO of IDnow, said: “This financing facility caps a string of commercial successes that continue to propel IDnow’s strong growth.

“The facility will allow us to continue investments in our growth areas. BlackRock is a great partner for IDnow going forward.”