Incode Technologies
AI-powered biometric identity verification and authentication platform used by banks, governments, and enterprises for onboarding, KYC, and ongoing identity assurance.
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Incode Technologies was founded in 2015 by Ricardo Amper and Jovan Jovanovic, building biometric facial-recognition and liveness-detection technology for identity verification at scale. The company has focused heavily on banking and government customers in Latin America, the US, and Europe, where high-assurance identity checks are needed for account opening, digital ID programs, and fraud prevention.
Incode raised a $220 million Series B/C round that pushed its valuation to $1.25 billion, bringing total funding to roughly $260 million across four rounds, with global offices spanning the Americas and Europe. Its platform combines document verification, 3D face biometrics, and liveness detection into a single onboarding flow designed to resist presentation attacks (photos, masks, deepfakes) used to spoof facial-recognition systems.
It competes directly with Jumio, Onfido, Persona, and Veriff, and has pursued government digital-identity contracts more aggressively than some peers, positioning itself as infrastructure for both private-sector KYC and public-sector digital ID initiatives.
Innovation Matrix Assessment
Ten years of continuous investment in biometric liveness and anti-spoofing technology shows sustained R&D focus, though public evidence of release cadence is limited.
Consolidating document, biometric, and liveness checks into one onboarding flow reduces integration complexity for compliance and fraud teams managing identity proofing.
A $1.25 billion valuation and $260M total raised, including a large $220M round, indicate strong investor confidence and market pull.
Builds on established biometric verification techniques rather than introducing a fundamentally new identity-proofing model.
Deployment at government and banking scale suggests real production use, but independent third-party accuracy or anti-spoofing benchmark data was not found in available sources.
As deepfake and AI-generated presentation attacks against biometric systems increase, dedicated anti-spoofing liveness technology becomes more strategically important, not less.
Why CISOs Should Care
For organizations that need high-assurance identity proofing — particularly in regulated banking or government contexts — Incode's biometric and liveness stack provides a documented layer of defense against synthetic identity and presentation-attack fraud during onboarding.
What Makes It Different
Incode has invested specifically in liveness and anti-spoofing biometric technology and has pursued government-scale digital identity deployments, giving it production experience at population scale beyond typical enterprise KYC use cases.
The Matrix Verdict
58/100 — INCREMENTAL INNOVATOR
A well-funded, unicorn-valued identity verification vendor with genuine biometric depth and government-scale deployment experience, competing in a crowded but consequential category. A Meaningful Innovator with strong momentum.
Editorial Note: Claims vs. Verified Findings
Funding and valuation figures are corroborated by SecurityWeek's coverage of the Series B round; deployment scale and government contract details are largely vendor-reported and were not independently verified.
Sources
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