The company plans to use this seed funding to accelerate sales and expansion into emerging markets by providing Trust Economy companies the tools they need to scale faster, starting with an identity verification solution.
Mexico City, Mexico.
Mati, founded in 2017 and used to power over 200 companies worldwide, announces a new round of investment led by Spero Ventures, the Redwood City based venture capital firm backed by eBay founder Pierre Omidyar.
Mati, co-founded by Filip Victor and Amaury Soviche, is developing a user identity verification solution that enables anyone without any technical skills to add an identity verification step to their onboarding or account creation processes. Mati’s solution is automated, fast and affordable even at a very large scale.
Depending on their countries of operation or industry, companies can decide what aspects of identity are important for them to verify (biometric liveness, types of ID documents they want to allow, government database presence, global watchlists, email address authenticity, geo location, etc.) and even set their own confidence thresholds or customize the user experience in accordance with their needs.
“After developing the technology in San Francisco, we began to grow the commercial side of our business in Latin America. It has been the perfect petri dish for us: the market, especially in Mexico, Brazil and Colombia, is super exciting. These countries have the highest payments fraud rates in the world, which on the flip side makes their identity issues the most interesting. Things grow fast here, and the region already boasts some great success stories, like Cuenca in Mexico or Nubank in Brazil. Moreover, we view the fintech regulations that are sweeping all of LatAm as an opportunity to help a lot of new fintechs and marketplaces emerge”, explains Filip Victor.
The company, which currently has offices in San Francisco, Mexico City and Saint-Petersburg, plans to use this funding round to expand into new countries, with new offices that will allow them to serve customers in other fast-growing regions of the world. The funding will also support ongoing product evolution, increasing the numbers of identity checks included in the product. Their goal? Helping Trust Economy companies to comply with local and international regulations, while increasing trust and safety on their platforms. The ambition of the company is to make scaling a lending company in Africa, a car-sharing startup in Poland, or a safer dating app in Brazil as easy as selling crafts on Amazon.
According to Filip Victor, CEO at Mati, “regulated and trust-based companies, like fintechs or service marketplaces are hard to scale. There’s a difficult compliance infrastructure that they all have to build up to be allowed to extend their service to many users, or scale internationally. We want to make it easier for them by building far better and sleeker tools for them than they’d be able or willing to build. In this way, they can focus on their own products and services, and plug into our system for identity verification: one that is affordable, customizable, and easy to get up and running in 30 minutes.This funding allows us to go faster and move towards other emerging markets, such as Africa and Asia. I wanted to work with Spero because of their collective experience and interest in marketplaces. They’ve seen this from the beginning of the web.”
Spero Ventures, created in 2018 by former executives from Ebay, PayPal, Andreessen Horowitz and Tesla, is indeed investing in companies solving problems in three areas: well-being, work & purpose and human connection. According to Shripriya Mahesh, Founding Partner at Spero, investing in Mati made perfect sense: “When we saw the early traction and how customers were utilizing Mati, we were excited to lead this round to help its founders move the company to its next step. For us, identity is foundational to scaling the vast array of gig economy, fintech, social, and commerce platforms that represent our collective future of work. The ability to have safe and trusted interactions at an unprecedented scale, especially with people in places where national identity infrastructure is limited, will create opportunities and global connections we can’t yet even forecast. We’re confident Mati can take us there.”
The company’s CEO shares the same vision: “I think the pandemic we’re just starting to recover from will have durable consequences on Trust Economy companies, first of them being the absolute need to move to fully digitalized processes more quickly. It is just not realistic anymore to force an in-person interview before issuing a microloan or an insurance contract. In emerging markets, these digital processes still need to be enabled. We’re here for that.”
Created in 2017, Mati is building simple tools to help Trust Economy companies scale faster. The company is currently focused on solving global, borderless identity verification, with an affordable, easy-to-use, complete solution that can be implemented to any onboarding or account creation processes in minutes. Mati is working with over 200 customers in the Trust Economy, such as fintechs, e-commerce and Sharing Economy companies, across 20 countries.