Fundraising Fox

Incode

Unicorn · $1.3B

San Francisco, US · Founded 2015 · Delaware corporation · 15 known investors

incode.com

Incode provides AI-powered identity verification and fraud prevention services for financial services, fintech, healthcare, gaming, and enterprise customers globally.

Also known as Incode Technologies · Incode Technologies Inc.

AI & Machine LearningCybersecurityFintechSaaS

Founders & leadership

Incode was founded in 2015 by Ricardo Amper.

RARicardo Amper
Ricardo AmperinFounder & CEO

Board

TRThomas Rubens
Thomas Rubensin𝕏Board directorInvestor at DN Capital

Investors · 15

Also in the syndicate · 7

Capital OneCoinbasefounders of dLocalGeneral AtlanticleadJ.P. MorganSoftBankleadSVCI (Silicon Valley CISO Investments)

Reported raises · per SEC filings

Form D private placements

$164M disclosed across 3 rounds · 2021

$74MraisedDec 2021 · 16 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Thomas RubensDirector
  • Martin EscobariDirector
  • Ricardo AmperExecutive Officer, Director
Offering amount
$77.3M
Amount sold
$74M
First sale
Dec 2021
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$60MraisedDec 2021 · 14 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Thomas RubensDirector
  • Ricardo AmperExecutive Officer, Director
  • Martin EscobariDirector
Offering amount
$60M
Amount sold
$60M
First sale
Nov 2021
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$30MraisedMar 2021 · 21 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Thomas RubensDirector
  • Ricardo AmperExecutive Officer, Director
Offering amount
$30M
Amount sold
$30M
First sale
Mar 2021
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Valuation · disclosed

Disclosed events
$1.3Bvaluation at Series BDec 2021
filing ↗

Source: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.

Company profile

researched Aug 2026

Incode Technologies is an identity platform that verifies people, businesses and, more recently, AI agents. Its product set spans onboarding and authentication, KYC and AML compliance, age assurance, employee and candidate verification, business verification (KYB) and ultimate beneficial owner checks, plus agentic fraud detection and agentic identity (KYA). The company frames its approach around three layers: a personhood layer that uses biometric signals to confirm a live human is present, an identity layer that matches users against government systems of record using biometric, document and data checks, and a trust layer built on a graph of identity, behavior and transaction signals. Featured products include Deepsight (deepfake detection, injection attack defense, document liveness), GovFaceMatch (biometric matching against DMV and other government records) and on-device age estimation in which models run locally and no biometric data is transmitted.

The Incode Platform is positioned as identity orchestration, consolidating workflow building, decisioning, fraud analytics, case management, integrations, UI customization and accessibility in a single dashboard. Verification flows are assembled with a no-code drag-and-drop builder using templates for identity verification, KYC, KYB, step-up age verification and account recovery, with condition nodes routing sessions to pass, fail, warn or manual review outcomes; the same workflow runs across a hosted link, Web SDK and mobile SDK. Document acceptance draws on a catalog of more than 4,900 documents and can be scoped globally or per market. Case management surfaces linked sessions and fraud rings via Trust Graph and exports tamper-evident PDF evidence bundles. Integration options include a REST API, iOS, Android and web SDKs, OpenID Connect, and pre-built connectors for tools such as Okta, Microsoft Entra, ServiceNow, Salesforce, Workday, Slack and Zoom; the developer hub also lists React Native, Flutter, Cordova and Xamarin support.

Earlier company materials described Incode as an omnichannel biometric identity company whose flagship suite, Incode Omni, covered onboarding, document capture and verification, authentication and payment verification, with 50+ features that could be configured into enterprise workflows.

Founding story

Ricardo Amper founded Incode in San Francisco on June 17, 2015. Before Incode he founded La Burbuja Networks (2000), co-founded and led functional beverage startup Amco Foods (2003), which was acquired by Bimbo Group, and served as CEO and CTO of chemical distribution company Amco Group, which was sold to the Brenntag Group. He holds a BA in Business Administration from ITAM.

Business model

Incode sells an enterprise identity verification and fraud-prevention platform accessed through APIs, web and mobile SDKs, a hosted verification experience and a configurable dashboard, deployed by large organizations across banking, fintech and crypto, consumer platforms, online gaming and gambling, social media, telco and the public sector. Sources do not disclose pricing or contract structures beyond a $37.4M public-sector contract awarded by the GSA's Technology Transformation Services.

Sources do not state Incode's pricing model; the company reports enterprise deployments and at least one government contract ($37.4M awarded by the GSA's Technology Transformation Services) but no published rate card or subscription terms.

Traction

The company reports billions of trust checks (7.1B+ trust checks and 400M identity profiles cited on the platform page), coverage across 100+ style multi-country deployments described as countries and territories, 35+ in-house ML models and 99.9% average uptime. Customer outcomes highlighted include 10x faster seller onboarding at Amazon, 7M+ users verified at Klar, 99.9% deepfake detection accuracy across T-Mobile channels, Airbnb trust coverage in 200+ countries and regions, a ~46% reduction in wrongly blocked customers for an online gaming client, and a $37.4M GSA Technology Transformation Services contract. Revenue grew 6x in the 12 months preceding the December 2021 Series B.

Latest developments

On June 25, 2026, Incode announced the acquisition of Identiq Protocol Ltd., an Israeli company whose cryptographic technology lets institutions share fraud signals without exposing underlying customer data, and framed it as the centerpiece of a $100 million commitment to privacy-preserving identity infrastructure funding on-device processing, privacy-enhancing technology research and engineering hires. Terms were not disclosed; Identiq spent close to a decade and more than $50 million developing the patented method, and Incode said the technology will run across billions of verifications a year once integrated. Recent product and recognition milestones include GovFaceMatch for biometric matching against DMV records, on-device age estimation, being first to achieve iBeta Level 3 on iOS and Android, and Leader placement in the 2026 Gartner Magic Quadrant for Identity Verification.

Full profile — market position, technology, go-to-market, geography, history, risks & controversies

Market position

Incode has been named a Leader in the Gartner Magic Quadrant for Identity Verification for three consecutive years, including the inaugural 2024 report and the 2026 report. It reports serving 8 of the top US banks, 8 of the top US telcos, 3 of the top neobanks worldwide and 4 of the top global marketplaces, and reached a $1.25 billion valuation in 2021. It has consolidated part of its competitive set by acquiring identity verification rivals MetaMap (2024) and AuthenticID (2025).

Incode states that it owns its entire technology stack rather than relying on sub-vendors, that verification is fully automated without human reviewers in call centers, and that all models are developed in-house and trained on its own data (cited as billions of checks and hundreds of millions of identity profiles). Other stated differentiators are direct connections to government systems of record for definitive biometric matching, privacy-preserving design including on-device biometric processing and network fraud signals shared without data pooling, and gen-AI fraud defense built into every decision rather than sold as an add-on.

Technology

Incode says it builds its AI entirely in-house, operating 35+ fully automated machine-learning models covering deepfake detection, injection defense, document liveness, behavior trust, device trust, camera trust and face match, with models retrained on new fraud vectors in real time. It cites 99.80% performance and 99.9% average uptime, direct integrations with government systems of record for biometric matching, and a fraud-intelligence network that identifies repeat fraud across customers without pooling their data. Certifications cited include first passive liveness certification at iBeta Level 1 (2019), iBeta Level 2 (2022), first to achieve iBeta Level 3 on iOS and Android, and SOC 2 Type 2, ISO/IEC 27001, FedRAMP Moderate and the Kantara IAL2 trust mark. The acquired Identiq technology uses cryptographic methods that let institutions confirm whether another organization has seen an identity before without either side exposing customer records.

Go-to-market

Incode sells directly to enterprises through a demo-request motion supported by case studies, analyst recognition and certification claims, and distributes its technology through partnerships and platform integrations, including embedding identity verification into Experian's Ascend Platform and a partnership with Equifax. A developer hub with integration guides, SDK references and API docs supports technical adoption.

Large enterprises and government agencies, spanning banking, fintech and crypto, consumer platforms, online gaming and gambling, social media, telco, commerce and marketplaces, travel, healthcare and hospitality. Named customers and references include Citi, Rappibank, Amazon, Klar, T-Mobile, Airbnb, TikTok, Equifax and Experian, plus the US General Services Administration's Technology Transformation Services.

Geography

Headquartered in San Francisco with offices listed in New York, Mexico City, Bogotá, London, Madrid, Barcelona, Belgrade and Tel Aviv, and regional leadership for North America, Latin America and Europe. The platform is described as operating across many countries and territories, and 2021 materials described offices in Europe and Latin America.

History

Founded in San Francisco in 2015, Incode launched its first AI-powered biometric authentication solution in 2017 and in 2019 introduced liveness detection, becoming the first company to pass iBeta Level 1 certification for passive liveness. It raised a $25 million Series A in March 2021 and a $220 million Series B in December 2021, reaching unicorn status at a $1.25 billion valuation while expanding globally through financial partnerships. In 2022 it developed 3D mask detection models and passed iBeta Level 2 testing. In 2024 it was named a Leader in the inaugural Gartner Magic Quadrant for Identity Verification and completed its first acquisition, MetaMap. In 2025 it repeated as a Gartner Leader and acquired AuthenticID. In 2026 it was named a Leader for a third consecutive year and acquired Israeli company Identiq Protocol Ltd. alongside a $100 million commitment to privacy-preserving identity infrastructure.

Risks & controversies

Sources describe an industry-level risk backdrop rather than company-specific controversy: third-party vendor breaches figured in 30% of the 3,322 U.S. data compromises logged by the Identity Theft Resource Center in the prior year, and Incode cites growing deepfake (48%) and synthetic ID (31%) fraud vectors. Marketing and performance figures such as accuracy, uptime and fraud-blocking rates are self-reported by the company.

Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Average uptimeJan 202699.9%
Deepfake detection accuracy across T-Mobile channelsJan 202699.9%
Fraud vector mix - deepfakesJan 202648%
Fraud vector mix - synthetic IDsJan 202631%
GSA Technology Transformation Services contract valueJan 2026$37.4M
HeadcountAug 2026678
Identiq development spend before acquisitionJun 2026$50M
Identity profilesJan 2026400,000,000 profiles
In-house ML modelsJan 202635 models
Klar users verifiedJan 20267,000,000 users
Model performanceJan 202699.8%
Revenue growth (prior 12 months)Dec 20216x
Supported document catalogJan 20264,900 documents
Top US banks servedJan 20268 of the top US banks
Top US telcos servedJan 20268 of the top US telcos

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Competitors · 6

by search overlap
Fourthline447 shared keywordsFourthline provides KYC investigations and customer due diligence (CDD) reporting, combining machine learning algorithms with a team of financial crime experts to investigate potential hits, detect fraud, and produce audit trails. It serves businesses needing regulatory compliance, focusing on 5AML regulations across European countries.
Okta412 shared keywordsOkta provides identity and access management products designed to protect the identities of workforce and customer users. The company serves enterprises and organizations that need to manage identity authentication and authorization across digital environments.
Veriff395 shared keywordsVeriff provides identity verification services for online platforms, using document recognition and multi-language support to verify that users are who they claim to be. The company serves businesses across various industries that need to authenticate users and reduce fraud online.
Ondato330 shared keywordsOndato is a technology company providing KYC (Know Your Customer) and AML compliance tools for businesses, covering the full compliance lifecycle from client onboarding to ongoing client monitoring. It serves companies operating in increasingly digital markets that need identity verification and regulatory compliance solutions.
Microblink330 shared keywordsMicroblink builds an Identity Intelligence OS that combines document verification, biometrics, liveness detection, and fraud intelligence for identity onboarding, authentication, and transaction decisions. Its technology serves businesses such as banks, lenders, and platforms to verify users, detect deepfakes and synthetic identities, and manage risk across the customer lifecycle.
Signzy314 shared keywordsSignzy provides identity verification and onboarding software that lets companies verify, onboard, and monitor users, with tools for phone/email/device checks, identity and business verification, AML sanctions and PEP screening, transaction monitoring, and digital contracting. It primarily serves banks and financial institutions with AI-driven compliance and fraud detection infrastructure.

Companies competing with Incode for the same Google search keywords, organic and paid, via search-intersection analysis.

Acquisitions · 1

Early investors' stakes continue via these deals
Identiq Protocol

Identiq operates a collaborative trust and identity network that helps companies make better decisions about customer identity while maintaining privacy. The platform enables fraud prevention and risk teams across organizations to share knowledge and signals about customer trust without compromising data privacy.

Timeline · 13

launches, deals, and filings
Jun 2026
Incode acquires Identiq and commits $100M to privacy-preserving identity infrastructure

Incode acquired Identiq Protocol Ltd., an Israeli company whose cryptographic technology allows institutions to share fraud signals without exposing customer records. Terms were undisclosed. The deal accompanies a $100 million commitment to privacy-preserving identity infrastructure covering on-device processing, privacy-enhancing technology research and engineering hiring.

source ↗

Jan 2026
Named a Leader in the 2026 Gartner Magic Quadrant for Identity Verification, third consecutive year

source ↗

Jan 2026
Identity verification integrated into Experian's Ascend Platform

Experian's SVP Global Partnerships & Commercialization describes integrating Incode identity verification into the Ascend Platform.

source ↗

Jan 2026
GovFaceMatch launched for biometric matching against DMV records

Incode introduced GovFaceMatch, described as the first identity solution to match biometrics against DMV records and government systems of record.

source ↗

Jan 2026
First to achieve iBeta Level 3 on iOS and Android

source ↗

Jan 2025
Incode acquires AuthenticID

Incode completed its second acquisition, buying identity verification company AuthenticID.

source ↗

Jan 2025
Named a Leader in the Gartner Magic Quadrant for Identity Verification for the second year

source ↗

Jan 2024
Incode acquires MetaMap

Incode completed its first acquisition, buying identity verification company MetaMap Inc.

source ↗

Jan 2024
Named a Leader in the inaugural Gartner Magic Quadrant for Identity Verification

source ↗

Jan 2022
Passed iBeta Level 2 presentation attack detection testing

Incode developed advanced detection models for 3D masks, improved resistance to 2D attacks and passed iBeta Level 2 testing.

source ↗

Dec 2021
Incode raises $220M Series B at a $1.25B valuation

Incode announced a $220 million Series B led by General Atlantic and SoftBank, with participation from J.P. Morgan, Capital One, Coinbase, SVCI, the founders of dLocal and existing investors DN Capital, 3L Capital and Framework Ventures, valuing the company at $1.25 billion less than seven months after its Series A.

$220M source ↗

Jan 2019
Liveness detection launched; first company to pass iBeta Level 1 for passive liveness

source ↗

Jan 2017
First AI-powered biometric authentication solution launched

source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

Legal entities · 1

corporate structure
IncodeDelaware

In the news

Research sources · 8

primary sources listed

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Incode do?
Incode is an AI-based identity verification, KYC and fraud-prevention platform used by banks, fintechs, marketplaces and governments.
Who founded Incode?
Incode was founded by Ricardo Amper in 2015.
Who are Incode's investors?
Incode's investors include Coinbase Ventures, Dila Capital, DN Capital, EQUIAM, Framework Venture Partners, Softbank Latin America Fund, Walter Ventures, SoftBank Group.
How much funding has Incode raised?
Incode has disclosed $164M raised across 3 rounds.
Where is Incode headquartered?
Incode is headquartered in San Francisco, US.