inVOID records a revenue increase of 250 per cent during April-June quarter
2018 established inVOID, AI driven platform, registered a 250 per cent increase in revenues during April-June quarter driven by surging video KYC demand by financial and educational institutions. The New-Delhi based start-up streamlines and automates user onboarding and identity verification operations through facial recognition. It has conducted more than 15,000 KYCs on a daily basis.
"In the current COVID-19 crisis, safe-zero contact digital solutions have become the need of the hour. InVOID has successfully partnered with over 50 financial institutions to enhance their digital transformation journey. From a month-long manual verification process to onboarding a customer in a few minutes, financial institutions have immensely improved their efficiency," said Kunwar Raj, Co-founder, inVOID.
Besides this, the firm has also witnessed newer demand emerging from cryptocurrency players, gaming portals and educational institutions, among others. The company recently integrated with the country's leading small finance bank, Equitas Small Finance Bank, for opening savings accounts of users in a remote and paperless manner through video KYC.
In January 2020, the country's banking regulator Reserve Bank of India (RBI) released a new notification to allow companies onboard customers remotely through video calls. An RBI-committee had recommended using video-KYC to replace the current KYC and Aadhaar KYC norms. "While, the banking regulator RBI had given a green signal for video KYC and recognized it as the fastest and cost-effective means for digital authentication of customers, financial institutions were slightly slow in adopting the technology. But the coronavirus pandemic has accelerated the digital processes for banks and NBFCs. This, in turn, has led to our business doubling in less than three months," Raj added.
inVOID has also raised a seed round from angel investors last year and has over 50 clients, of which 30-odd are in the banking, financial services and insurance segment in India.