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Incode Technologies, a startup that operates an identity verification and authentication platform used by companies including American Express Co. and Citigroup Inc., has been valued at $1.25 billion, a roughly 10-fold step-up over its prior mark.
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“Companies were not prepared,” he said, describing an erosion of trust between consumers and corporations amid an explosion of fraudulent activity. “Companies want to know who you are with high certainty and little friction,” he said. Incode’s customers include HSBC Holdings Plc, Grupo Financiero Banorte SAB, Sixt SE, financial-technology startups Ualá, Nubank and Clip, and Cornershop, a grocery-delivery platform owned by Uber Technologies Inc.
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