Verid

About Verid

Verid was a provider of user authentication solutions for the banking and financial services sector. Founded in 2003 and based in Sunrise, Florida, the company developed technology to verify customer identities for remote transactions, such as those conducted over the internet or by phone. The firm's core product was a knowledge-based authentication (KBA) system that would generate personal questions from various data sources to confirm a user's identity in real-time, helping to prevent credit card fraud and identity theft.

The company's solutions were designed to be integrated into client web portals and call center applications via an XML interface. This technology was aimed at businesses that accept payments through credit cards, debit cards, and other electronic methods. Verid's services also assisted financial institutions with compliance for regulations such as Section 326 of the USA PATRIOT Act.

Throughout its history, Verid secured a total of $20 million in funding over two rounds. Its Series A round in February 2004 raised $3 million, followed by a Series C round of $13.2 million in September 2005, with investors including CIBC World Markets, F-Prime Capital, and Volition Capital. In 2005, Verid formed a strategic alliance with LexisNexis Risk Solutions, incorporating its authentication technology into the LexisNexis® RiskWise® product suite to create a more robust identity verification solution. Verid was eventually acqui-hired and its technology absorbed, as indicated by its status as an "Acqui-Hired" company.