United Ventures leads €5M Series A round in Fido

15 Jul, 2022 - 09:00 · 2 min

It will be used to support the international expansion of Fido through the strengthening of the technological platform, the launch of new applications and the expansion of the team.

Milan, July 15, 2022 – United Ventures SGR SpA, an Italian venture capital fund specialized in investments in digital technologies, is lead investor in the Serie A round of investment of 5 million euros in Fido, specialized in the analysis of digital-footprints and in the development of risk assessment models based on artificial intelligence.

Fido, founded in Milan, operates in the Identity Verification sector, whose enterprises aim to verify customers before they are granted an online product or service. The global size of the market is expected to grow from UDS 8.6 billion 2021 to 18.6 billion by 2026.

After having raised 1.6 million euros in 2020 from a pool of Italian business angels and industrial investors, with this new round the Milanese scaleup brings the total capital raised to 6.6 million euros.

Fido created the first platform capable of assessing the quality of online customers through the detection of digital footprints in full compliance with privacy regulations.

By analysing information such as telephone number, e-mail address, IP address, device and browser, the platform captures hundreds of signals in real time that are used by companies for different applications. Fido offers the possibility of using these signals to feed proprietary scoring algorithms for lead qualification, credit scoring, fraud prevention and identity verification.

In the first year of activity, the Fido platform processed over 3 million queries and closed agreements with important Italian and international customers such as Facile.it, Sisal, Banca Sella, Younited, Trulioo and Boku.

The new financial resources will be used to increase the number of signals collected, develop new scoring algorithms, launch a new solution for SMEs and expand the Fido team.

"The excellent results achieved in Italy come from the versatility and scalability of our technological platform and created the conditions to accelerate our development plan globally. The trust that has been recognized in us by United Ventures testifies the validity of the path we are taking and is a reason for great satisfaction", said Marko Maras, Chief Executive Officer of Fido.

"The analysis and use in full compliance with the rules of digital footprints is a crucial point for all companies, in every sector. The solution that the very strong Fido team has been able to develop will certainly become an international standard", declared Paolo Gesess, Managing Partner of United Ventures.