Passbase

Passbase was a digital identity verification company founded in 2018 that provided developer-oriented KYC and identity infrastructure. Its product combined facial recognition, liveness detection and government-issued ID document authentication, allowing businesses to verify users through a video selfie and identity document scan. The service could be integrated on iOS, Android and web with a small amount of code, and was also offered as a codeless option. Alongside verification, Passbase supplied back-office compliance tooling covering AML, KYC and age verification requirements, with branded and automated verification flows.

The company operated with teams in New York and Berlin, with staff drawn from GoogleX, Stripe, Trulioo and UnifyID. Its architecture was described as zero-knowledge and patent-pending, intended to let customers verify users without storing their personal data, and it used NIST-certified facial recognition and forensic ID authenticity analysis. Coverage extended to more than 6,000 ID types across over 190 countries and 15 languages.

In March 2023 Parallel Markets, a New York-based reusable/portable identity company also founded in 2018, acquired Passbase's assets to strengthen its portable KYC offering; terms were not disclosed. Passbase CEO Dave McGibbon joined Parallel Markets as VP of Strategy. Parallel Markets has since become iCapital Identity Solutions, and the passbase.com site notes it will be retired.

Founding story

The company was founded in 2018 by Felix Gerlach, Mathias Klenk and Dave McGibbon to build a full-stack identity solution using public-key cryptography, biometric authentication and machine intelligence. Co-founder Mathias Klenk framed the motivation as the failure of companies of all sizes to secure aggregated sensitive user data, arguing that a more distributed security architecture engaging end-user consent was needed.

Business model

Passbase sold identity verification software to businesses on a pay-as-you-go basis, with self-service developer integration rather than the long sales cycles and complex integrations associated with legacy providers. Under Parallel Markets/iCapital Identity Solutions, the offering is packaged as white-glove onboarding and KYC services, KYB and corporate onboarding, 506(c) accreditation verification and a reusable investor identity product, with accreditation verifications completed through affiliated broker-dealer iCapital Markets LLC.

Pay-as-you-go pricing for identity verification, with a self-service developer platform; the company reported 8x revenue growth in the year preceding its December 2021 funding announcement.

Traction

By late 2021 the company reported 8x revenue growth over the prior year and support for more than 6,000 IDs across 190+ countries and 15 languages. Named customers and partners included Boundless, Linus, Las Vegas Pride and Appjobs. The successor platform states that over $25 billion has been raised to date through its accreditation services.

Latest developments

Following the March 2023 asset acquisition by Parallel Markets, the passbase.com domain now presents Parallel Markets, which states it is now iCapital Identity Solutions and that the site will be retired in favor of iCapital. The current product set covers AML monitoring, business verification, investor onboarding, 506(c) accreditation and an investor passport for reusable identity, with published commentary on FinCEN AML rules for investment advisers taking effect in January 2026.