iDenfy
👤 Domantas Ciulde (Ran a UK web-security firm, saw card fraud up close, and built the prototype himself — an insider before KYC went mandatory.)🌐 siteLinkedIn
Regulation forces every fintech and crypto site to verify users; iDenfy bills only for the checks that pass.
Will it work? · our read
Forced demand wins. The EU forces every fintech, crypto and gambling site to verify users — iDenfy just built a cheaper tollbooth. But it is a thin layer rivals and eID wallets can undercut.
01How the money moves
A law (EU AML/KYC) forces fintech, crypto and gambling sites to verify every user
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iDenfy runs the ID plus biometric selfie check via its own API
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Client is billed only when a verification is approved ($0.55-$1.35)
02The numbers
€6.0M
FY2024 revenue
LT filing
57%
YoY growth '24
LT filing
1,000+
business clients
iDenfy
Revenue from iDenfy UAB statutory accounts (registry code 304617621). Scoris (LT registry)
FY2024 sales of 6.04M euros, up 57% YoY — Lithuanian statutory filing.
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iDenfy — The Journey of iDenfy (first-party origin story)Scoris — iDenfy UAB financials (LT registry filing)iDenfy — KYC pricing: pay only for approved usersDomantas Ciulde — LinkedInEuropean Commission — AML/CFT at EU level
Revenue is iDenfy UAB's Lithuanian statutory filing (registry code 304617621): 2024 sales of EUR 6,044,449, up 57.3% YoY, 51-54 staff — read via Scoris/registry aggregators and converted at about 1.08 USD/EUR. iDenfy is not a pure bootstrap: it took a small early raise, then grew mainly on revenue. "1,000+ clients" is iDenfy's own marketing figure. Sumsub's oft-cited $85M ARR is a Latka estimate (its listed valuation is clearly wrong), so I avoided leaning on rival revenue. The commoditization and eID-wallet death thesis is [our read] — plausible, not imminent; Onfido's 2024 sale to Entrust and Trulioo layoffs show the price pressure is real. We never score you.