In this article, Bloomberg reports that Incode Technologies is preparing a fundraising round at a valuation of up to $3 billion, reflecting growing confidence in the company’s leadership in AI-driven identity verification and fraud prevention. The move signals Incode’s ambition to scale globally, enhance its biometric and liveness detection capabilities, and address the surging demand for secure digital identity solutions in finance, fintech and other regulated sectors.
Read the transcription of this article, published by Bloomberg on November 19, 2025.
ID Verification Startup Incode Seeks Up to $3 Billion Valuation
Incode Technologies Inc., an identity verification platform, is in preliminary talks to raise between $150 million and $300 million from investors at a valuation of as much as $3 billion, according to people familiar with the matter.
The company currently has annual recurring revenue of $170 million, said one of the people, all of whom asked not to be identified discussing private information. The startup did not immediately respond to a request for comment.
Incode, founded in 2015, raised $220 million in a Series B funding round in 2021, a deal that valued the company at $1.25 billion. That round was led by General Atlantic and SoftBank’s Latin America-focused fund, with participation from J.P. Morgan, Capital One Ventures and Coinbase Ventures.
Identity fraud is becoming harder to detect with the rise of artificial intelligence. Deepfake videos and voice clones can be nearly impossible to distinguish for human eyes and ears. Synthetic documents generated by AI can bypass basic verification systems, and AI chatbots can conduct basic interactions.
Incode offers a suite of products — such as biometric and document verification — that can detect the actual presence of users. In a LinkedIn post, Incode’s Chief Executive Officer Ricardo Amper said the company serves eight of the top 10 US banks and four out of the top five banks in Latin America. Last year, the company processed more than 4.1 billion identity checks, he said.
The company recently acquired AuthenticID, a competitor in the space. Financial terms of the transaction were not disclosed.
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