Footprint’s platform helps companies reduce fraud and friction in verifying identity at creation and log-in

Footprint, a trailblazer in unifying KYC (Know Your Customer), security, and authentication, has secured $13 million in Series A funding led by QED Investors. This round also saw participation from existing investors like Index Ventures and new participants such as Neo and Animal Capital. The funding will propel Footprint's mission to automate consumer onboarding and reduce identity fraud, significantly enhancing their product offerings and technological capabilities.

Expanding Product Offerings: The newly acquired funds will enable Footprint to double down on its product development, aiming to provide the highest fidelity verification for current users while exploring new ways to utilize identities. Key expansions include:

• Launch of Fraud Suite: Introducing advanced tools to detect and prevent fraud.
• Diverse Verification Options: Incorporating data from credit bureaus, pay stubs, and vehicle information to enhance verification processes.

Introducing Footprint Connections: Footprint is launching a new tool, Footprint Connections, designed to link customers within its network, leveraging the platform's portability to create seamless interactions and reduce friction during the verification process.

CEO Insights: Eli Wachs, CEO and co-founder, emphasizes a new philosophy in fraud detection by focusing on identifying good actors rather than merely screening out bad ones. This approach is crucial in an era where generative AI can create numerous authentic-seeming identities, necessitating a robust system to pre-vet and authenticate users efficiently.

Balancing Fraud and Friction: Companies often struggle with the tradeoff between fraud prevention and user experience. Traditionally, reducing fraud involved adding friction to the onboarding process, which could deter genuine users. Footprint aims to resolve this by combining KYC, authentication, and fraud detection into a single, streamlined product.

Technological Innovations: Footprint leverages several cutting-edge technologies to ensure secure and efficient identity verification:

• Decision and Rules Engine: Utilizes large identity datasets for dynamic verification without the need for coding.
• Document and Selfie Verification: Provides a native user experience for document and image authentication.
• Passkeys: Binds biometrics to personally identifiable information (PII) to prevent account takeovers and phishing.
• Secure Vaulting Infrastructure: Powered by AWS Nitro Enclaves, ensuring data privacy and security.

Founders' Background: Footprint was founded in 2022 by Eli Wachs and Alex Grinman. Wachs, a Stanford MBA graduate, has a history of entrepreneurial ventures, while Grinman, an MIT graduate, previously founded KryptCo, a mobile authentication company acquired by Akamai.

Growth and Impact: Since launching its enterprise platform, Footprint has demonstrated significant growth and impact. Customers in various sectors, including financial services, automotive, and real estate, have reported substantial improvements in onboarding completion rates and fraud detection. Notable partnerships in banking further underscore Footprint's growing influence.

Market Challenges: Despite substantial spending on financial crime compliance, identity fraud remains a pervasive issue, exacerbated by frequent data breaches. Footprint's innovative approach aims to address these challenges by providing a robust, portable identity verification system.

Footprint's $13 million Series A funding marks a pivotal step in advancing KYC and fraud prevention technologies. With an expanding product suite and innovative tools, Footprint is poised to set new standards in identity verification, ultimately reducing fraud and improving user experiences across various industries.