Singapore-based Credify gets $1m from Beenext, SoftBank’s Deepcore

Credify, a Singapore-based software development company, announced that it has raised US$1 million in a seed round from Beenext and Deepcore, an AI-focused incubator backed by SoftBank.

The company plans to use the new funds to enhance the development of its products, further localize its software development operations in Southeast Asia, and move ahead with its live client engagements, according to a statement.

From left: Credify team members Maurizio Raffone, Shuichi Nagao, Makoto Tominaga, and Rasmus Kütt in the office of Kernel in Tokyo / Photo credit: Credify

Founded in 2019, Credify provides universal identity and trust system solutions to help tackle credibility issues in ecommerce and lending.

Acting as a personal data bridge, its universal identity product connects consumer services, such as ecommerce marketplaces and lending platforms, with institutions that possess information like identity verification results and credit scores. In this way, Credify says it enables new revenue streams for traditional organizations in a blockchain-secure and data privacy-compliant manner.

The startup said Southeast Asian nations represent the fastest growth opportunities globally in fintech and ecommerce. It is also set to be a US$72 billion fintech market at 72.5% compound annual growth rate by 2020, and a US$102 billion ecommerce market by 2025.

At the same time, fraud rates in finance and ecommerce in the region are one of the highest globally. According to CyberSource, an average of 1.6% of online revenue is lost to fraud in Southeast Asia. The five most common types of ecommerce fraud are phishing, ID theft, account takeover, card testing, and chargeback.