Passbase

The company was founded in 2018 by Mathias Klenk, Dave McGibbon, and Felix Gerlach. The idea for Passbase emerged from the founders' own challenges with Know Your Customer (KYC) and identity verification while working on a previous venture, a cryptocurrency app called Coinance. Klenk and Gerlach had previously met during a program at the Technical University of Munich, and later launched the startup in Silicon Valley with McGibbon. McGibbon, who served as CEO, formerly worked as an investment associate at Google's X (formerly GoogleX), focusing on go-to-market strategy. Felix Gerlach, the Chief Product Officer, had a background in product roles at various startups, including Rocket Internet. The founding team was recognized on the Forbes 30 Under 30 Europe list for Finance in 2020.

Passbase's business model was centered on providing a privacy-focused identity infrastructure for businesses. It operated on a pay-as-you-go basis, offering a suite of flexible developer tools. The platform was designed to be easily integrated into websites, apps, or checkout flows with minimal code, and even offered a no-code option. Its clients were companies of all sizes that needed to onboard and verify users, helping them to meet compliance requirements such as Anti-Money Laundering (AML) and KYC. The service aimed to protect businesses from fraud while giving end-users more control over their personal data, a concept conceived with GDPR in mind.

The core service was a full-stack identity verification engine that combined facial recognition, liveness detection, and checks for government-issued IDs from over 190 countries. A key feature was its zero-knowledge architecture, which ensured that companies using the service could verify users without needing to store their sensitive data directly. The platform supported iOS, Android, and Web integrations, allowing for features like UI customization and verification automation. Following the acquisition, Passbase CEO Dave McGibbon joined Parallel Markets as VP of Strategy to help accelerate the adoption of digital identity network products.