Vouchsafe, a next-generation identity verification platform committed to eradicating global ID poverty, has raised £1 million in an oversubscribed pre-seed funding round.
The investment was led by Bethnal Green Ventures (BGV) and backed by Biometric Ventures, Fuel Ventures, Seed X Liechtenstein, and angel investor Andrew Chevis, CEO of CitizenCard. Chevis brings three decades of industry expertise to the company’s mission.
An estimated one billion people worldwide lack access to reliable photo ID, with 11 million UK residents having neither a passport nor a driving licence. This absence of identification creates significant barriers to essential services such as banking, credit, and public services, exacerbating financial exclusion and the poverty premium.
Vouchsafe’s mission aligns with the United Nations Sustainable Development Goal 16.9: Legal Identity for All. By revolutionising the way identities are verified, the company aims to provide a more accessible and inclusive solution for individuals struggling with ID poverty.
With identity fraud becoming more sophisticated due to advances in generative AI, Vouchsafe is pioneering a new approach to ID verification that enhances security without creating additional barriers to access.
Vouchsafe is already working with major financial institutions to improve banking and credit accessibility. The company was also selected by the Scottish Government’s CivTech programme to assist individuals struggling with identity verification when accessing public services.
Mark Elliot, Head of CivTech, Scottish Government, said:
“Vouchsafe was one of the standout successes of the CivTech programme, tackling a challenge that affects millions. Their approach to identity verification is a game-changer, making it easier, faster, and more cost-effective for public services to reach those who need them most.”
Paul Miller OBE, Managing Partner at Bethnal Green Ventures, highlighted Vouchsafe’s potential to drive digital and financial inclusion: “Vouchsafe is addressing one of the biggest barriers to financial and digital inclusion. Their innovative approach to identity verification has the potential to unlock access for millions of people.”
Mark Pearson, Managing Partner of Fuel Ventures, echoed this sentiment, stating: “The opportunity for disruption is huge, and the Vouchsafe team are well-placed to be a driving force for digital inclusion. Even at this pre-seed stage, they have found real-world applications for their platform, which is significant.”
With this funding, Vouchsafe is poised to expand its impact, providing scalable, secure, and inclusive identity verification solutions for individuals and organisations worldwide.
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Vouchsafe secures £1 million pre-seed funding to tackle ID poverty and transform identity verification