Passbase receives 13.5 million US dollars

The money comes from two financing rounds. One had already been announced in advance, the other came as a surprise.

The start-up Passbase, based in Berlin and New York, has secured 13.5 million US dollars. Ten million US dollars came from a previously announced Series A round. 3.5 million US dollars were raised in an unannounced further financing round. The investors were Costanoa Ventures, Lakestar, Eniac Ventures and Cowboy Ventures. The start-up offers an infrastructure that can be used to verify the identity of customers.

Passbase intends to use the fresh capital to expand its product suite. It also wants to simplify policy management for cryptocurrency firms, fintechs and other companies that use Passbase for their identity verification. This is necessary as global compliance requirements are constantly changing. "Passbase offers a novel approach to solving the critical problem - in a market with almost unlimited demand," says Greg Sands, founder of investor Costanoa Ventures.

Passbase was founded in 2018. The company has developed an identity verification infrastructure to help companies meet their KYC requirements in a privacy-focused and user-centric way, among other things. KYC stands for "know your customer" and refers to the legitimacy check that is mandatory for credit institutions and the like. This is intended to prevent money laundering.