inVOID sales increase 250% during April-June quarter

MUMBAI: inVOID, a New Delhi based start up posted a 250% increase in revenues during April-June quarter driven by surging video KYC demand by financial and educational institutions.

“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,” Kunwar Raj, co-founder of inVOID said in a statement.

The AI-driven platform does streamlining and automating user onboarding and identity verification operations through facial recognition. It said it has conducted more than 15,000 KYCs on a daily basis.

The company has also seen 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 this year, 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.

Founded in 2018, inVOID 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.

inVOID sales increase 250% during April-June quarter inVOID sales increase 250% during April-June quarter Reviewed by TechCO on 7/14/2020 Rating: 5

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