Financial security firm MetaMap raises Rs 530 cr for business expansion

MetaMap, a start-up that helps businesses authenticate their customers’ identities, has raised Rs 530 crore in funding for product development and international expansion.

The capital came in a Series B funding led by Tribe Capital, with participation from Craft Ventures, Alameda Research (FTX), Titan Capital and angel investor Jerry Murdock, founder of Insight Partners. This increases the total funding for the company – formerly known as Mati – to Rs 630 crore.

MetaMap offers solutions for fraud prevention, identity and financial qualification, and credential provisioning. These capabilities are crucial for digital economy industries, ranging from e-commerce and cryptocurrency to gig work.

MetaMap is building its flagship technology hub in India, with over 30 employees already spread across offices in Bangalore and Gurgaon. The company said it will increase its workforce fivefold and form partnerships with Indian fintechs, marketplaces and crypto exchanges in 2022.

“The world continues to gravitate towards a more fluid, borderless economy that fosters greater participation of individuals who have traditionally been excluded from global commerce. However, the tools needed to make this vision a reality are still lacking,” said Filip Victor, founder and CEO of MetaMap.

The coronavirus pandemic has accelerated the digital transformation of global trade, bringing the world closer to a borderless economy. “Covid has accelerated the borderless economy faster than anyone had previously imagined, but its true potential remains blocked due to severe fragmentation,” Victor said.

MetaMap allows entrepreneurs to vet individuals and assess their risk profile based on various personal merits, validated by hundreds of data points. Entrepreneurs can know an individual’s profile, from the basics like legal identity to more sophisticated qualifications like biometrics. Developers using MetaMap can set up custom automated workflows that qualify users on a number of different merits at any stage of their customer journey.

“We are thrilled to invest in and support MetaMap’s mission to create a borderless economy by bringing users together on the digital map,” said Bipin Shah, Partner, Titan Capital.

Jeff Fluhr, general partner of Craft Ventures, said solving the problem of digital invisibility unlocks enormous capital and human potential worldwide. “MetaMap has a nuanced and innovative approach to establishing online reliability that scales beautifully,” Fluhr said.

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