Financial security firm MetaMap raises Rs 530 cr for business expansion

Start-up offers solutions for fraud prevention, identity and financial qualification, and credential sourcing.

MetaMap, a start-up that helps companies authenticate the identity of their customers, has raised Rs 530 crore in funding for product development and international expansion.

The capital came in a Series B funding led by Tribe Capital, with participation from Craft Ventures, Alameda Research (FTX), Titan Capital, and angel investor Jerry Murdock, founder of Insight Partners. It increases the total funding of the company--formerly known as Mati--to Rs 630 crore.

MetaMap offers solutions for fraud prevention, identity and financial qualification, and credential sourcing. These capabilities are crucial for industries in the digital economy, ranging from e-commerce and cryptocurrency to gig work.

MetaMap is building its flagship technology hub in India, with over 30 employees already across offices in Bangalore and Gurgaon. The company said it will increase its headcount fivefold and will form partnerships with Indian fintechs, marketplaces and crypto exchanges in 2022.

"The world continues to gravitate towards a more fluid, borderless economy that fosters greater participation from individuals who have typically been excluded from global commerce. However, the tools needed to make this vision a reality are still missing,” said Filip Victor, founder and CEO of MetaMap.

The coronavirus pandemic has accelerated the digital transformation of global business, moving the world closer towards a borderless economy. “Covid accelerated the borderless economy faster than anyone previously imagined, but its true potential remains stalled because of severe fragmentation,” said Victor.

MetaMap allows entrepreneurs to vet individuals and assess their risk profile based on a variety of personal merits, validated by hundreds of data points. Entrepreneurs can know about an individual’s profile, from basics like legal identity to more sophisticated qualifications such as biometrics. Developers using MetaMap can put together custom automated workflows that qualify users on any number of different merits at any stage of their customer journey.

“We are excited to invest and support MetaMap’s mission of creating a borderless economy by bringing users together on the digital map,” said Bipin Shah, Partner, Titan Capital.

Jeff Fluhr, General Partner at Craft Ventures, said solving the problem of digital invisibility unlocks massive capital and human potential worldwide. “MetaMap has a nuanced and innovative approach for establishing trustworthiness online that scales beautifully,” said Fluhr.