Incode Raises $25M Series A to Expand Its AI Identity Verification Platform

Incode has secured $25 million in Series A funding to accelerate the deployment of its fully automated identity verification platform. For fintech professionals, this investment signals a significant shift toward removing human intervention from Know Your Customer (KYC) and onboarding processes, aiming to eliminate the friction and high drop-off rates currently hindering digital financial services.

What was announced

Incode’s $25 million Series A round was led by DN Capital and 3L Capital, with participation from Framework Ventures, Walter Ventures, FJ Labs, and DILA Capital. The company intends to use the capital to scale its proprietary technology and fuel growth across North America and Europe. To support this expansion, Incode expects to triple its current headcount.

The platform offers a comprehensive suite of identity tools, including digital onboarding, KYC, and omnichannel authentication, designed for sectors such as financial services, cryptocurrency, healthcare, and hospitality. Unlike many competitors that sub-license third-party software to build their stacks, Incode spent six years developing its own proprietary algorithms. This "direct-to-business" model allows the company to avoid third-party licensing fees, which it claims results in more flexible pricing and higher security performance for its clients.

A primary differentiator for the platform is its total reliance on AI. While many legacy identity firms utilize manual human processing for complex verification tasks, Incode is a fully automated system. The company reports that this approach leads to 95% conversion rates and industry-defining fraud prevention. The technology is already utilized by major financial institutions and federal governments, and it holds a NIST ranking alongside being the first iBeta certified passive liveness solution. Currently, only 8% of financial service onboarding applications can be completed remotely; Incode’s platform typically doubles acceptance rates for institutions adopting the technology.

"Over the past few years and accelerated by the Covid-19 crisis, consumer expectations regarding digital identity have shifted dramatically. Self-service, contactless experiences are the preferred channel for everything from opening a bank account to checking into a hotel room,"

Ricardo Amper, CEO and Founder of Incode Technologies.

The companies involved

Incode, led by Founder and CEO Ricardo Amper, is an identity verification and authentication provider that has seen rapid adoption in the enterprise market. Over the last 12 months, the company has grown its revenue and customer base four-fold. By developing its own core technology rather than relying on external vendors, Incode positions itself as a "one-stop shop" for developers using its SDKs and APIs.

DN Capital, a lead investor in this round, is a global venture capital firm with a strong track record in the fintech sector. 3L Capital, which co-led the investment, focuses on growth-stage companies that bridge the digital and physical worlds. The round also saw participation from Framework Ventures, a firm heavily involved in the blockchain and decentralized finance ecosystems, and FJ Labs, which specializes in marketplace startups. These investors are joined by Walter Ventures and DILA Capital, reflecting the broad cross-industry demand for automated identity solutions that can verify users across both online and offline environments.

What FF News has reported before

FF News has extensively covered the intersection of automated identity, digital assets, and enterprise AI. Recent reports include Noah Secures $38m Seed Round to Accelerate Enterprise Stablecoin Adoption, which highlights the infrastructure needed for institutional digital finance. We have also tracked the rise of automated intelligence in credit markets with Paraglide Joins CICM as Corporate Partner to Drive Agentic AI Adoption in Credit Management. Furthermore, our coverage of Rayls Launches Sovereign Private Blockchain to Bridge Institutional Finance and Public Markets and Sam Altman-Backed Meanwhile Secures $37.5M to Scale Bitcoin Life Insurance for Global Wealthy Families demonstrates the growing necessity for robust, automated verification in high-stakes financial environments.

What this means

The identity verification market is reaching a tipping point where manual "human-in-the-loop" processes are becoming a commercial liability. Incode’s $25 million raise suggests that the industry is moving toward a "full-stack" proprietary model to escape the costs and friction of sub-licensed technology. For legacy IDV providers, the pressure is now on to match the 95% conversion rates promised by fully automated AI flows. However, this shift raises a critical question for the sector: as synthetic identity fraud becomes more sophisticated, can purely algorithmic systems maintain security without eventually needing to reintroduce human oversight? For now, the market is betting heavily on automation as the only way to close the 92% gap in remote onboarding.