IDfy, Mumbai-based ID verification and onboarding solutions company, has raised Rs 86 crore in its series D round of funding led by TransUnion and Blume Ventures. IDfy (Baldor Technologies Pvt. Ltd.) builds technology products and solutions that authenticate entities. This helps businesses prevent fraud and engage with verified entities with the least amount of friction.

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Ashok Hariharan, founder & CEO, IDfy, said, “A billion more people globally are expected to enter the formal economy over the next five years. Our partnership with TransUnion gives us the chance to drive this change on a global scale. Blume Ventures has believed in us from day one.”

IDfy plans to use these funds to strengthen its product offerings and expand it’s business and operations. IDfy is growing its business internationally. During the last six months, IDfy has been helping companies in South East Asia and the Middle East onboard verified merchants and customers in payments, e-commerce, and mobility. IDfy has performed more than 70 million verifications for 500+ clients and consistently ranks amongst Asia’s Top 5 Regulatory Technology companies.