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Passbase: Identity Verification without Privacy Breach

Mathias J. Klenk, Co-Founder & CEO, PassbaseDave McGibbon, Co-Founder
The online userbase of any service is predominantly built on trust. Today, it is paramount for businesses to authenticate the identity of its users to prevent fraudulent behavior. They need to know the customers operating on their platform - for regulatory, trust, and safety reasons. To do so, huge chunks of data have to be verified; but statutory bodies such as GDPR and California Consumer Privacy Act enforce companies to respect the privacy of consumers while authenticating their credentials.

There is a critical need for a system that can not only handle the authentication process and comply with privacy regulations, but also monitor the risk threshold as the number of users increase. Passbase, a privacy-focused identity verification solution provider , has been ticking these checkboxes while helping businesses verify the user’s true identity in seconds. It makes use of a unique combination of public-key cryptography, biometric authentication, and machine intelligence to verify user credentials without companies needing to worry about storing, processing, or protecting sensitive personally identifiable information. Better yet, users have control over what information to share with the business and what not to. “Our vision is to help businesses identify their consumers, enable consumers to control the personal information they share, and to assist in reducing the overall data liability,” says Dave McGibbon, Co- Founder of Passbase.

Passbase’s authentication method is relatively simple. Using its best-in-class liveness detection test certified by NIST, Passbase first verifies the presence of the user trying to access the service.
Using the government-issued identity documents provided by the user and leveraging the information obtained from its network of forensic identity analysis, Passbase validates their identity. Based on the trust score derived from the process, businesses can decide on the users to be on boarded and those to be verified more thoroughly. The analytics from Passbase helps companies in tracking and managing the customers on board.

Passbase’s services can be accessed effortlessly. Clients can integrate the verification process into their website or mobile application natively, with simple code snippets. The company has an extremely modern technology stack, which makes it suitable for seamless integration. It is also customizable to the brand aesthetics of various companies. All it takes is a simple set of SDKs to integrate the process, a dashboard to visually manage, and a simple API to deliver results. “We aim to be a very developer-friendly product,” says Dave. “We pride ourselves in enabling swift integration; if businesses have everything lined up, they can get the process up and running in an hour.”

The company’s esteemed client roster boasts of a long list of startups. “We’ve helped the early-stage companies form the next generation of peer-to-peer markets, and enabled the gig economy players to get off the ground,” says Dave. In an implementation highlight, a UK-based, P2P fashion rental startup wanted to make its platform premium. As building trust is vital in a competitive market, the startup was in dire need of a solution that can help in ascertaining the trust factor of its consumers. With the help of Passbase, the company made sure that the users transacting on its platform were held accountable for any malpractice, which built trust within the community and allowed the company to go ahead with its bigger plans.

Passbase has plans for an upgraded version of its product where businesses can automatically onboard, customize, integrate, and start using the identity verification service without any intervention. They are looking to expand into fintech as well. “We view this as a positive vision for the future of our company and a major keynote development on the product front,” concludes Dave.
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Company
Passbase

Headquarters
San Francisco, California

Management
Dave McGibbon, Co-Founder

Description
Passbase is a privacy-focused identity verification solution provider, which builds developer-friendly identity verification tools to help businesses onboard new users faster, cheaper, and with bank-level confidence by verifying the user’s true identity in seconds. It makes use of a unique combination of public-key cryptography, biometric authentication, and machine intelligence to verify user credentials without companies needing to worry about storing, processing, or protecting sensitive personally identifiable information. Also, users have control of the information they share with the company, which makes the companies compliant with GDPR and California Consumer Privacy Act

Passbase News

Passbase Raises €3.3M in Seed Funding to Challenge Biometric IAM Market with Privacy Protection

Digital identity startup Passbase has raised €3.3 million (US$3.6 million) in a Seed funding round to fuel the development of its full-stack biometric identity solution, EU-Startups reports.

The Berlin-based company, which leverages public key cryptography, biometric authentication, and machine intelligence, just announced a €530,000 pre-seed investment round in March. The new round was led by Cowboy Ventures and Eniac Ventures, with participation from Seedcamp and others.

Passbase offers identity verification software based on a biometric video selfie and identity document scan, but with the twist of a patent-pending zero-knowledge sharing architecture. The company says the technology is easily integrated in just a few minutes from its self-service developer platform.

“Thousands of companies have aggregated sensitive user data, which they have not been able to secure,” said Mathias Klenk, Passbase co-founder. “Every business is vulnerable – from ambitious small ventures to tech giants like Google and Facebook. This is why the only real solution is a more distributed security architecture that engages an end-user’s consent. That is why we are building Passbase. For businesses and their consumers together.”

The company plans to use the funds to enhance its existing product, launch a biometric reauthentication tool, and expand its Berlin and New York teams as it challenges the identity and access management (IAM) market.

“Our aim is to make this technology accessible and privacy-conscious,” said Passbase co-founder Dave McGibbon. “So that the next generation of innovators can build amazing businesses without compromising individual privacy or security. The new economy is built on the idea that you can trust people you’ve only met online. Identity-based security is critical to making this happen.”

The digital identity and document verification market is forecast by Goode Intelligence to be worth $15 billion a year by 2024.