Duna Secures €30 Million to Revolutionize Business Identity Verification

Based in Amsterdam, Duna, an innovative identity FinTech founded by two former Stripe executives, has successfully raised €30 million in a Series A funding round. This substantial investment aims to create a global trust infrastructure by offering a pioneering digital passport for businesses.

Funding Round Highlights

The Series A funding round was spearheaded by CapitalG, Alphabet’s independent growth fund, alongside participation from existing investors including Index Ventures, Puzzle Ventures, and Frank Slootman, President of Snowflake. With this latest investment, Duna has now raised over €40 million in total funding, reflecting robust investor confidence in their vision.

Addressing Identity Challenges

“Duna tackles one of the Internet’s biggest unsolved problems: identity“, stated Duco van Lanschot, co-founder of Duna. He emphasized that compliance and identity management currently account for 10-20% of a bank’s total expenses, with traditional systems leading to significant losses due to fraud and inefficiencies. Duna’s solution presents an ideal case for AI automation to alleviate these challenges.

The Growing Landscape of Digital Identity Solutions

In recent years, the digital identity sector has witnessed consistent funding in Europe, particularly among startups focusing on biometrics and regulated identity verification. For instance, UK’s UnID raised €19.1 million for its bank-verified digital identity solution, while Yaspa garnered over €10 million for payment and identity services tailored for regulated sectors.

Duna’s Unique Position in the Market

In the current landscape, Duna’s €30 million Series A stands out as one of the most significant advancements in the European identity FinTech space, particularly due to its focus on AI-native corporate identity infrastructure. Complementing this, another Amsterdam-based firm, Ver.iD, emphasizes the Netherlands’ burgeoning role in identity solutions.

The Founders’ Vision

Founded by Duco van Lanschot and David Schreiber, both of whom have impressive backgrounds at Stripe, Duna aims to redefine the business identity verification process. Their platform not only simplifies compliance but is designed to enhance operational efficiency, promising clients faster onboarding and improved productivity. Major enterprises including Plaid, CCV, and Moss are already realizing remarkable benefits, noting 10.6 times faster onboarding processes.

Future Plans and Aspirations

“Duna builds the “one-click” identity network that the Internet lacks,” remarked Alex Nichols, a general partner at CapitalG. “The founders are uniquely equipped to address the corporate identity challenges that have long persisted online.” As Duna looks ahead, the firm intends to develop its digital passport into a comprehensive network for shared identity and seamless onboarding.