If you’ve read Edelman’s 2021 Trust Barometer, an annual report gathering data from nearly 30 global markets, you’ll know one thing for sure: 2020 saw trust decline rapidly across the globe.
From government institutions to corporate brands to social media to CEO credibility, 2020 proved to be a turbulent year filled with systemic inequality, misinformation and general sentiments of panic. Trust, according to Edelman’s report, is at an unprecedented low.
Incode, a fast-growing Silicon-Valley-based technology company, is responding to the trust crisis.
“Above all, we generate trust,” said Ricardo Amper, CEO. “Whether it’s between suppliers, customers, brands, the world becomes less skeptical and more trustworthy by default once basic identity verification is removed from the equation.”
Incode’s proprietary, AI-powered software for identity recognition and authentication is considered to be one of the most robust, advanced and secure solutions to a complex problem: identity verification in a fully-remote world.
Originally launched in 2015 as a secure photo-sharing application, Amper realized the technology he and his team had created had big potential – and pivoted into the world of identity management.
“I’ve always been passionate about privacy and access,” said Amper. “But for me, it’s also about the larger-scale impact our technology can have on the world: secure election/voting digitization. In 10 years from now, I believe all elections globally will leverage digital identity verification for secure remote voting.”
Verifying identity in the most secure way for remote or “mail-in” voting becomes another major use-case for Incode’s technology. The digitization of elections and modern voting systems has always been blocked by one major issue: privacy and identity verification. With Incode’s proprietary platform, managing and verifying identities of voters submitting ballots from anywhere in their country (or beyond) has the potential to transform election systems (and election outcomes) entirely. Fast-changing laws, corruption or difficulty of access have historically “blocked” voters in rural areas in countries like Mexico from exercising their fundamental rights. Incode’s technology becomes a unique, powerful solution.
Access to financial services is another use-case Amper and his customers have seen. Incode’s technology also allows users in those same remote, rural communities to have access to financial services they normally wouldn’t have access to. With more financial access and “trust” between consumers and institutions comes less risk – and, eventually, lower interest rates, higher wealth and lower poverty rates.
With a recent Series A raise of $25M, it’s clear that others agree in the power behind Incode. Led by DN Capital, 3L Capital and with participation by Formentera Capital, Incode’s latest round means tripling headcount and accelerating commercialization. Having experienced 4.5X growth in their first year in-market, with major customers in the banking world like Citi, Sabadell, and Banorte quickly joining onto Incode’s platform, the future is bright for the team.
When asked about Formentera Capital’s participation in Incode’s most recent round of funding, Amper knew he had met a VC firm aligned with his values.
“I quickly realized that Formentera Capital is a group of talented entrepreneurs who really believe in using tech for positive impact in the world,” said Amper. “After meeting Cherif {Habib} by chance through a Hackathon our companies participated in, then meeting other Formentera team members, I realized these were excellent advisors who were searching to build true partnerships – which resonated with me.”
The big goal for Incode?
“More trust, more democratization, more security, more access and less poverty,” said Amper. “Impact. It’s what makes me most excited about building Incode, today and moving forward.”
Formentera Capital is an early-stage venture capital firm investing in tech-enabled companies that are good for the world.
Copyright © 2023 Formentera Capital
All Rights Reserved