Credify announces strategic seed tap investment by TIS CVC, accompanied by existing investors BEENEXT and DEEPCORE
Singapore and Tokyo — 30th November 2020
Credify Pte Ltd is proud to announce it has successfully closed a strategic seed tap investment from the corporate venture capital arm of TIS Inc., a leading Japanese IT company listed on the Tokyo Stock Exchange (TSE: 3626), with follow-on participation by its two existing venture capital investors, BEENEXT and DEEPCORE.
This investment round is an important step in the development of a strategic partnership with TIS Inc., which will focus on supporting Credify’s technology expansion into the Japan market and provide for further avenues of collaboration in South East Asia. Credify’s advanced digital identity & trust solutions help financial services and e-commerce companies lower client acquisition costs, reduce fraud and increase trust in their services through rewarding, user-controlled data sharing experiences.
Credify’s idX is an end-to-end encrypted personal information passporting system that places control of personal information transacting into the hands of the users, where they have full say over what, how and with whom their data is shared. This information consists of verified data, sourced from trusted entities, yet securely stored within the user’s device. When the user wishes to share their data to gain access to digital services, they simply authenticate and approve, much like one does when registering with websites using their social media accounts.
Credify’s serviceX is a lead generation platform built on idX that allows partnering companies to create data-driven cross service deals and offerings. serviceX is a simple interface that lowers customer acquisition costs substantially whilst offering users immediate and form-less onboarding and drastically improving customer experience.
Credify has achieved significant milestones in its first year of operations, including being selected for several competitive acceleration programs (Plug and Play Japan, 500 Startups, Mizuho Crodwbrain, Sihub Expara and ThinkZone) and acquiring its first enterprise clients.
This tap to the earlier funding round, which took place in January 2020, allows Credify to enhance the development of its suite of products and further localize its software development operations in South East Asia. Credify CEO Makoto Tominaga shared his appreciation and excitement: “Bringing on TIS as a strategic stakeholder and partner in Credify is an amazing accomplishment for both teams. TIS services the largest financial institutions in Japan, with a steadily growing base of operations throughout South East Asia, where both organisations see significant opportunities for collaboration. Large enterprises across Asia are just now facing the challenges of their digital transformation journeys. With Credify’s transformative technologies and TIS’s decades of financial industry experience, together we are tackling these challenges for our clients in a way that is value accretive from the outset. The team at Credify is looking forward to working closely with TIS in accelerating the success of our clients in the region. ”
About Credify
Credify is a Singapore based software development company building technologies and services that empower individuals to take ownership of their digital identities, give businesses more effective user acquisition tools and address the need for trust in systems where counterparties to transactions are either anonymous or lack sufficient information for establishing a true basis for confidence in commercial engagements. For more information on Credify please see: https://credify.one/
About BEENEXT
BEENEXT is a Venture Capital firm that is managed by serial entrepreneurs and focuses on assisting founders with operational experience, network, trust, unique perspectives, and capital. The team invests in early-stage tech startups to establish a platform of the founders, by the founders and for the founders across the globe, primarily in India, South East Asia, Japan and the US.
About DEEPCORE
DEEPCORE, whose mission is to be a “CORE for Disruptive Innovations,” is an AI-focused incubator that cultivates young and talented entrepreneurs in the AI field, especially in the Deep Learning arena. DEEPCORE aims to build an ecosystem that fosters entrepreneurs who generate disruptive innovations with technologies and use AI technologies, including Deep Learning, in society. DEEPCORE opened the community and co-working space “KERNEL” (in Hongo, Bunkyo-ku, Tokyo) in summer 2018, and built an AI technology-driven community that enables joint projects with companies and support startups.
About TIS
TIS Inc., a member of the TIS INTEC Group, provides several IT solution services including entrusted development, data center and cloud services. At the same time, TIS is contributing to the growth of its customers business, a client base of more than 3,000 customers from various industries, such as financial services, manufacturing, logistics/distribution, public services and telecommunications, by being their technology partner and offering global support to companies with a presence mainly in China and the ASEAN region. For more information about TIS, please go to http://www.tis.com/.
