A data-sharing and identity verification platform, Equal, has raised USD 10 million in its Series A round. This funding round was engaged by the likes of Prosus Ventures, Tomales Bay Capital, and its founder, Keshav Reddy, at a post-money valuation of USD 80 million.
Furthermore, the round also saw participation from some of noteworthy investors which include Blume Ventures (Founders Fund), DST Global, Quona VC, Gruhas VC (Nikhil Kamath), Binny Bansal (Co-founder, Flipkart), Harsh Jain (Founder, Dream11), Karan Adani (Managing Director, Adani Ports), D S Brar (Chairman, Aragen), and Kunal Shah (Founder, CRED).
This funding is said to be focused on ramping up operations, developing an integrated, secure, and transparent digital framework, and forging strategic partnerships.
Equal was established by Keshav Reddy and Rajeev Ranjan and is focused on aiding businesses streamline KYC, fraud prevention, and regulatory compliance through easy integration with over 50 ID databases and over 4,000 API providers.
Furthermore, it also recently made an investment in an account aggregator - OneMoney. With this strategic investment in place, it enables Equal to enhance its offerings by combining secure, consent-driven financial data sharing with its core identity verification services. Moreover, as per the company, OneMoney and Equal will jointly enable over 64 million monthly transactions and service over 250 clients nationally. To speak of its peers, it competes with players like IDfy, SpringVerify, AuthBridge, Digio and Perfios-owned Karza.
