Persona goes beyond identity verification with a new suite of services – TechCrunch
Character, a four-year-old identity startup, has done pretty well with its brainchild of Identity Verification, an API that lets businesses capture various documents like a driver’s license or passport to prove who you are. line. It all went so well that the company today announced that it has grown into a full identity services platform.
In addition to the basic verification product, the company now includes a set of services on the platform that customers can mix and match as they wish. These include a risk assessment engine, an identity workflow tool, a graph database for link analysis and fraud detection, and a marketplace , a sort of app store, for external developers to help connect their business tools to Persona’s identity tools.
Persona co-founder and CEO Rick Song says the company has developed these tools over time, but this is the first time it’s presented them as a platform. “It was a work in progress for over two years as we continually built each of these components piece by piece, but none of them ever officially launched. They were kind of hidden behind the scenes,” he said.
“We had a blog post explaining how you could use something, but never really consolidated it into one platform, so the ‘platform’ itself has been a lot of work for us over the past year.”
He says that while most customers primarily use the identity verification service at this point, he’s starting to see some expansion into other products.
“These days, we’re actually finding more customers embracing the Persona platform unrelated to verifications. Instead, they use our suite of tools to run a manual [identity] review or use our graphing product, which allows you to import data into our system and find fraud rings and suspicious behavior within your population, or our automation orchestration tool and now the market, which allows you to extract lots of different data and automate decisions.”
The company’s founders worked at Square, and they have FinTech clients like Square and Robinhood, but Song cites companies like Doordash, Coursera, and Sonder Health as examples of broader use cases. In fact, he says that was the plan all along. “One of the first strategic goals for us was actually how can we not just build a FinTech identity platform, but rather a universal identity platform that could really work for anyone. use cases in the world.”
Along the way, Persona has raised over $200 million, including an investment of $150 million last year at a healthy valuation of $1.5 billion. Maybe investors were willing to put so much capital into the company because it had this broader view beyond identity verification.