Fourthline and Veridas completed their merger on November 3 with up to about $73 million in financing, including equity and debt. The package will partly provide cash to Veridas shareholders, the identity-verification companies announced.
Existing Fourthline backer Finch Capital and new equity investor Seaya Andromeda are funding the transaction alongside debt provider Ashgrove Capital. The companies also plan to use the financing for product development, further acquisitions and debt refinancing. They did not disclose how much would be fresh capital for operations.
Fourthline supplies banks and fintechs with identity checks and anti-money-laundering screening through an API. The company lists Revolut, N26 and Trade Republic among its customers. Spain’s Veridas brings document verification and face and voice biometrics.
The combination extends Fourthline’s reach from Northern and Central Europe into Veridas’s markets in Southern Europe, Latin America and the United States. The companies say their customer bases overlap little and expect growth from selling each other’s technology to existing clients.
When they announced the merger on July 16, the companies outlined plans for customers to use their services individually or together. Their closing announcement says both platforms will keep running with existing contracts, integrations and local support, while the technology is integrated in phases.