Highlights of 2021 – a Year of Growth For iDenfy

Gabija Stankevičiūtė

What a year! In 2021, iDenfy experienced a great number of exciting partnerships, attracted talented new members, reached a milestone in sales revenue, created various useful products, and received an assembly award for accomplishments in the identity verification world. The mission to stop fraud isn’t easy, but this year’s rapid growth showed that anything’s possible. Let’s review the main highlights of iDenfy’s accomplishments in 2021 together down below.

Building a Powerful Team

A strong unit at work has many benefits. This year, as a team, we’ve maintained a safe environment where every member could express themselves to be a great asset. Even due to the complex situation of the global pandemic, working from home didn’t stop us from collaborating, building new partnerships, brainstorming ideas, and coming up with new creative ways for iDenfy’s products.

The increasing demand for cybersecurity products had an impact on the Identity Verification market. To put it simply, if there’s money flow involved, there’s a need for extra security measures. Such factors lead us to attract new talent and extend our team. Now, we have welcomed new colleagues to the IT team, Verification Department, Marketing crew and the newly formed department of Human Resources. Together, we’re constantly improving our trustful relationship that makes iDenfy’s identity verification and fraud prevention solutions better.

Interesting fact: Did you know that today iDenfy’s team consists of 37 members? In 2020, iDenfy started off having 22 employees.

Expanding Opportunities: New Products

If last year you could name iDenfy as an identity verification business, this year, it’s the whole package. By adding new products to the Fraud Prevention list, we’ve expanded our services and opportunities for both parties. The clients have a wider variety of services to choose from based on their online business needs, and we are happy to continue our mission to grow and help combat fraud.

According to Define Financial, from 393 207 cases of credit card fraud last year, most were opening new accounts using the victim’s identity. This remains the second-highest form of identity theft. To minimize the risks, we created NFC Verification, Phone verification, Fraud Scoring, Proxy Detection, AML Screening and KYB (Know Your Business, which is similar to the KYC risk assessment) services in 2021. 

Interesting fact: Did you know that iDenfy’s first client and investor specialized in the gaming industry? Verifying identities is beneficial for many sectors, such as Health Care, Retail, Travel, Education, or even Arts.

Creative Upgrades – a Big Impact

Along with developing new products, our team created the first tool for iDenfy this year – the “Magic Link”. It’s not a secret that tools help automate tasks that can’t be done manually. Having a simple tool in hand has many benefits, and the main one is efficiency. In this case, we wanted to develop a functional instrument available for all.

The easy-to-use “Magic Link” simplifies the identity verification process by eliminating different links. You save time by using one universal link for all of your clients. The best part is that the unique link doesn’t require any special IT knowledge, so the implementation is accessible to everyone.

We’ve added another tool to the list this year by creating a barcode reader that scans PDF417 barcodes. The customer-friendly invention uses the customer’s smartphone camera to transfer the encoded data from ID to the system. It’s efficient information reading lowers the chance of fraud due to its accuracy. 

It’s not atypical to state that aesthetic visuals are essential. Nowadays, many seek pictures, lists, and similar ways to consume their daily news. When it comes to habits in the digital age, 52% of users say the main reason they won’t return to a website is aesthetics. Since 80% of all internet users own a smartphone, as part of the digital culture, we strive to improve the experience for those who choose iDenfy. That’s why, over this year, the team upgraded our UX and UI. These upgrades made a huge impact, as our customer onboarding success rate rose more than 10%.

Interesting fact: This isn’t the only achievement we’ve unlocked this year. Did you know that the sales revenue of iDenfy grew up to 100 percent? 

Appreciating and Rewarding

As a team, we motivate each other to do better. In 2021, since we had a lot of new members, we felt extra motivated to help the newcomers feel welcomed and appreciated. Our culture, values, and work weren’t left unnoticed. In November, we received a Baltic Innovation Prize from the Baltic Assembly for our innovative technology of identity verification. Fingers crossed, there will be many more in the future!

Like many businesses, we take careful consideration when making decisions in this competitive climate, as we have goals and big plans for the future. This year, in particular, one of our missions was to make sure that everyone in iDenfy feels motivated, safe, and recognized for their effort. Since our team grew rapidly, to keep the communication smooth, we organized more team-building activities, meetings, and had birthday or holiday celebrations. 

Interesting fact: Did you know that iDenfy was created in August 2017? That means we’ll be celebrating a five-year anniversary in Summer.

Turning Ideas Into Solutions

The year 2021 taught us how to better communicate as a team. By learning from mistakes, we didn’t forget creative solutions and ways of thinking. This mentality is one of the components for iDenfy’s success. While we have our own day-to-day struggles, we feel the responsibility to look into the bigger picture.

Back in July, our team pitched iDenfy’s solution to the Lithuanian government that suggested using facial recognition technology to take measures against illegal immigration from the neighboring states. With the help of facial recognition, the prevention of illegal immigrants entering the country would be strengthened, at the same time, shortening and simplifying the screening process of those who try to cross the border. Being beneficial, especially on a national security level, is a must in our next year’s agenda as well. 

Interesting fact: Did you know that iDenfy’s CEO, Domantas Čiuldė, along with his friends, came up with the idea for starting an identity verification business back in 2015? A few years later, the plan became a reality. 

In 2022, iDenfy will be surprising with new services and creating tools – that will all be an interesting, eventful, and challenging journey to fight fraud. 

If the feeling’s mutual, and you want to fight money laundering or terrorism financing, don’t hesitate to send us your resume here