FACEKI, the award-winning fraud protection and identity verification platform, announced that it has raised an undisclosed amount in a seed funding round led by Nama Ventures, with participation from Vision Ventures, and other prominent Angel Investors.
FACEKI was founded in March 2020 by Hamza Al-Ghatam, Dr. Mustafa Marhama, and Nabeel Radhi. The Bahrain-based fraud protection platform offers cloud Biometrics and Digital Identity Verification solutions powered by AI and machine learning, to help organizations combat the threat of online fraud and identity theft which costs organizations hundreds of millions every year. FACEKI saw a sharp increase in demand for its services worldwide, with a customer base from 175 countries.
“We aspire to eliminate identity fraud and help organizations make their customer onboarding experience simple, safe, and more secure.” Said Hamza Al-Ghatam, Co-founder and CEO of FACEKI. “We plan to expand our global footprint, and continue innovating and provide compliant, secure, and user-friendly identity verification solutions”.
“It is no secret that identity management and theft have become a paramount problem in our societies today. We were always looking to find a technology startup in MENA that is addressing this challenge head-on” said Mohammed Alzubi, founder and managing partner of Nama Ventures. “When we met the FACEKI team, we were truly blown by how complementary the skillsets of the team are to address this issue. We have no doubt that Hamza, Mustafa, Nabeel, and the awesome team of FACEKI will do wonders in the identity management and security space in MENA”. “We were confident in the capabilities of the founders when we made our investment in their pre-seed round and now we add our vote of confidence on this amazing team by doubling down on them and leading their seed round along with great value add investors like Vision Ventures”
Kais Al Essa, the Founding Partner and CEO of Vision Ventures commented: “With the huge increase in digital transformation post COVID, banks, FinTech startups and companies worldwide need for automated customer onboarding, fraud protection and KYC tools have skyrocketed. The team at FACEKI have developed unique technologies that enable FACEKI to be one of the best providers of such technology in the MENA region and one of the strong competitors worldwide. The team has the technical capabilities as well as the business acumen to further develop the product and support their business customers worldwide. We anticipate such infrastructure services in FinTech to be Unicorns and FACEKI is no exception”.