SoftBank, General Atlantic bet values Incode at US$1.25bil

Identity verification startup Incode Technologies has seen its value blow up ten-fold following another funding round, as demand for such technology continues to rise during the pandemic. — freepik.com

Incode Technologies, a startup that operates an identity verification and authentication platform used by companies including American Express Co. and Citigroup Inc., has been valued at US$1.25bil (RM5.29bil), a roughly 10-fold step-up over its prior mark.

The San Francisco-based company raised US$220mil (RM930.49mil) in a funding round led by General Atlantic and SoftBank’s Latin America-focused fund, Chief Executive Officer and founder Ricardo Amper said in an interview.