RIYADH: European identity proofing and digital identity provider IDnow has secured a new $61 million debt facility from funds and accounts managed by BlackRock.
According to a press release, IDnow will use this fund for geographical expansion and potential acquisitions.
“Securing this debt facility from BlackRock reflects their high confidence in the strength of our business. The funding comes at the perfect time for IDnow to continue driving our ambitious growth strategy and we look forward to working with BlackRock,” said Andreas Bodczek, CEO of IDnow.
Joe Lichtenberger, CFO of IDnow added: “This financing facility caps a string of commercial successes that continue to propel IDnow’s strong growth. The facility will allow us to continue investments in our growth areas. BlackRock is a great partner for IDnow going forward.”
Headquartered in Munich, IDnow was founded in 2014. The company now serves 900 enterprise customers in 195 countries.