Footprint Raises $13 Million to Revolutionize Consumer Onboarding

Footprint secures $13 million in Series A funding led by QED Investors to automate consumer onboarding, enhance security, and reduce identity fraud with innovative KYC technology.

Footprint, a company specializing in unifying Know Your Customer (KYC), security, and authentication to automate consumer onboarding and mitigate identity fraud, has raised $13 million in a Series A funding round led by QED Investors. Existing investors Index Ventures, Lerer Hippeau, Operator Partners, BoxGroup, Palm Tree Capital, and Definition participated, alongside new investors Neo and Animal Capital.

The fresh capital will enhance the Footprint product, focusing on high-fidelity verification and expanding its identification capabilities. Plans include launching a fraud suite and incorporating various identification methods, such as credit bureau data, pay stubs, and vehicle data. The funding also supports the rollout of Footprint Connections, a tool enabling customers to leverage the platform’s portability.

“Core to Footprint is a new philosophy around who fraud and KYC companies should be trying to identify,” said Eli Wachs, CEO and co-founder of Footprint. “We created a centralized network of authentic, de-duplicated identities, narrowing the scope of pre-vetted individuals and leaving less room for fraudsters.”

Footprint addresses the traditional tradeoff between fraud prevention and onboarding friction. By integrating KYC, authentication, and fraud detection into a single rules engine, Footprint reduces onboarding friction without compromising security. The platform dynamically prompts users for additional documentation as needed, making identity “portable” and enhancing user experience.

Built on advanced technology, Footprint’s features include:

  • An extensible decision and rules engine connected to large identity datasets.
  • Cutting-edge document and selfie verification with a native user experience.
  • Passkeys binding biometrics to Personally Identifiable Information (PII) to prevent account takeovers.
  • Secure vaulting infrastructure powered by AWS’s Nitro Enclaves.

Founded in 2022 by Eli Wachs, a Stanford MBA graduate, and Alex Grinman, a cryptography expert from MIT, Footprint has rapidly grown since launching its enterprise platform last fall. Customers from various sectors, including financial services, auto, and real estate, have seen significant improvements in onboarding completion rates and fraud detection.

“The idea of portable identity is not new,” said Alex Grinman, co-founder of Footprint. “But building it effectively requires a robust rules engine, secure vaulting, and strong authentication. With recent technological advancements, we can finally realize this vision.”

Footprint aims to create a trusted network of verified, portable identities, reducing friction and enhancing security across industries. Their first productization, Footprint Connections, connects customers to leverage the platform’s portability.

Fraud, friction, and data breaches cost companies billions annually. Despite significant spending on financial crime compliance, identity fraud remains a pervasive issue. Footprint’s innovative approach offers a promising solution to these challenges, providing seamless integration and improved KYC performance.

“Sharable identities have been a topic in financial services for over a decade,” said Amias Gerety, Partner at QED Investors. “Footprint leverages the latest standards with a business architecture that integrates portable identity at its core. Their solution resonates with both early-stage fintechs and established enterprise platforms.”