iDenfy, a business which provides identity verification and fraud prevention services based in Lithuania, today summarized the whole journey of events that influenced their growth as a company in a year.
“We started this year having 22 people in our team, now we are glad to welcome 37 members in total,” notes Domantas Čiuldė, the CEO of iDenfy.
There are many benefits of a growing company, such as an excellent corporate culture which can be known for appreciating team effort, giving rewards, and keeping the lines of communication open. According to Gallup’s analysis, only one in three U.S. workers say they received recognition for their work within the past seven days. This factor leads employees to have a lack of trust among them. iDenfy’s CEO, Domantas Čiuldė, argues that this is not the case at his company – “Our work and motivation proved that we can attract new talent to the team, embrace the change and achieve our goals. For example, in 2021, the sales revenue of iDenfy grew up to 100 percent.”
With an expanding team, it’s important to manage the resources efficiently. Businesses struggle in time management and product development cycles. As stated in Engineering Product Design’s report, some challenges appear due to external factors such as cost, economic changes, competitor influence, or company policy. Considering the listed elements, iDenfy developed four new products and broadened its service options from identity verification to additional fraud prevention products. The list consists of such products as identity verification using Near-field technology (NFC Verification), Phone verification, Proxy Detection, or Fraud Scoring.
Having appropriate tools at work automates the process and makes it less time-consuming. It allows employees to expand their range of capabilities, making their work a positive experience. Domantas Čiuldė believes the same situation should be applied to their clients: “I value time. As a user, I prefer a quick and safe onboarding process. That’s why iDenfy came up with this idea”. In 2021, the company released an effective tool – the “Magic Link”. Instead of sending different links, without the need of special IT knowledge, it’s a universal solution – a single link, for everyone who’s connected to iDenfy’s network.
2021 was a productive year for iDenfy in the UX and UI department, as the company focused on improving the product and its design. In accordance with Forrester, every $1 invested in UX results in a return of $100. Such factors lead iDenfy to remodel the website, improve the app, and provide information to clients in a simple way. In relation to the website and the app, iDenfy’s team polished up color schemes, icons and buttons, redefining the whole look and the feel of the product. “If the product is easy-to-use, functional, accessible and esthetically pleasing, you’re one step closer to actually engaging with the user,” states Andrius Šulskis, the Chief Technology
Officer of iDenfy.
In November, the identity verification and fraud prevention solution developers received recognition by winning a Baltic Innovation Prize from the Baltic Assembly. Now, the rapidly increasing number of clients globally and the work behind the innovative technology redefined the goals for iDenfy. The rapidly growing company is planning to release new products that’ll make the process of fraud prevention easier for other businesses in accordance with regulatory compliance.
“I don’t believe that success comes naturally. At the moment, as one of our goals, we’re searching for new talent to join our team. Let’s not forget new products. Know Your Business verification and Anti-Money Laundering Monitoring are already lined up to become available for our users at the start of 2022.” – hints Domantas Čiuldė.
About iDenfy
iDenfy provides online identity verification and fraud prevention services for the financial, sharing-economy, and gaming industries. It strives to provide its partners with services that meet the highest standards. The company was awarded the title of “Startup of Lithuania” in 2018. In 2019 it became a ‘Startup of the Kaunas City’ and in 2020 won the ‘Fintech Startup Of The Year Award.’ In 2021, the company received the Baltic Assembly Prize for innovation.
For more information and business inquiries, please visit www.idenfy.com.
