Startups of the Year 2023: Vouched - The AI-Powered Identity Verification Solution

Hey Hackers,

Vouched has been nominated in HackerNoon's annual Startup of the Year awards in Seattle, WA.

Please vote for us here: Seattle Startups

Read more about us below to understand why we deserve your vote.

Meet Vouched

Vouched provides an AI-powered identity verification solution, designed for precision, speed, and scalability.

We enable businesses to streamline onboarding, enhance customer experience, unlock growth potential, and cut operational costs, all while adhering to essential know-your-customer/patient (KYC/KYP) requirements.

Our proprietary AI technology uniquely combines multiple models and rigorous data checks to identify over 99.58% of known fraud cases - one of the industry's top detection rates.

Our end-to-end solution uses distinctive methods for examining ID documents, allowing us to adapt swiftly as new identification forms emerge.

We offer same-day implementation, instantly adding value without dependency on third-party technologies.

Capable of identifying over 85% of the global population and continually expanding, Vouched is steadfast in its mission to seamlessly verify anyone, anywhere - including hard-to-identify groups like new immigrants - to facilitate access to life's essential services.

Vouched is gaining momentum in sectors like financial services and healthcare, where regulatory compliance and security are crucial. Our clients, such as Hims Health and Alloy, benefit from our abilities to expedite decision-making processes.

My Role

John Baird is the CEO and Co-founder of Vouched, where he directs the development of a revolutionary AI platform that streamlines user identity verification for businesses worldwide.

Leveraging cutting-edge computer vision and AI technology, Vouched verifies individual identities, enabling fast and secure customer onboarding. This not only connects businesses to verified users rapidly but also offers a seamless way for businesses to satisfy their identity validation needs.

Inspired by his experiences at Blue Nile and a major automotive manufacturer, John now applies his vision and knowledge to enhancing the Vouched platform, continually raising the bar for the identity verification industry.

How We're Disrupting/Improving the Identity Verification Industry

As fraud schemes increasingly become more sophisticated, so too must the technology requirements to identify, prevent, and stop them. By applying dozens of proprietary AI models and robust data checks simultaneously, Vouched can verify individuals and detect over 99.58% of known fraud cases.

This fraud sensitivity detection rate is believed to be one of the highest in the industry. As fraud evolves, the company's AI fraud models learn quickly to combat fraudsters.

With its vision to become the single largest identity token provider for any business, Vouched's AI solution enables the company to expand its operations globally with a highly efficient capital model.

Standing Out from The Crowd

Compared to other IDV vendors, Vouched relies on proprietary AI and consultative expertise to deliver a proven verification solution that helps businesses rapidly grow through customer acquisition while protecting their business and providing long-term cost savings.

Vouched is constantly improving its AI that today delivers market-leading results such as a visual identity verification approval accuracy of 99.44%, and when combined with our robust data reviews, an overall approval accuracy of 99.58%.

We are helping to build a global trust ecosystem by making it easier for companies and individuals to verify each other's identities.

John and his team are also motivated by the potential of Vouched to use AI for the betterment of society, helping people who are underserved by the financial system, such as immigrants and young adults, who have often been labeled as credit invisible.

Because the Vouched solution is multidimensional and dynamic, evaluating a person based on criteria unique to their country, language, and use case verifies people worldwide, including hard-to-identify populations.

Vouched believes everyone has the right to access banking services, healthcare, and other essential services.

Our Predictions/Thoughts on the Identity Verification Industry in 2023

IDV solutions need to continue innovating to meet the current and future requirements of the industry.

More than 50% of customers applying for online services such as bank accounts abandon the process due to lengthy wait times, non-intuitive and subpar customer experience, or a high percentage of false negatives that prevent qualified individuals from completing the process.

Moreover, the pandemic has driven more than 65% of online banking, resulting in a significant increase in fraud rate attempts in the financial services industry last year.

In this context, businesses require a solution that offers proven IDV expertise, flexibility to meet their evolving needs and drive customer growth, and full compliance with their industry's regulations.

Vouched is one of the few IDV partners that can fulfill these requirements while also innovating for the future of IDV.

What word defines the state of Identity Verification in 2023?

Innovation is the single word that best describes the IDV industry for this year.

The good news is that the growth of this industry has attracted some of the brightest minds in AI and machine learning, and we are seeing not just iterative improvements, but major leaps forward in terms of product innovation to help businesses build trust with their customers, and confidently transact and engage with them.

Why we decided to participate in HackerNoon's Startup of the Year awards

For Vouched, the first half of 2023 has been an incredible time of growth and innovation. We’re adding new features to our IDV solution, expanding our team, and growing our customer footprint in key areas such as healthcare.

We value the HackerNoon community’s support for cutting-edge products and are excited to share more details about our business milestones.

Final Thoughts

Vouched has already established itself as a powerful player in the IDV industry, able to identify over 85% of the global population and rapidly expanding.

The company is committed to fulfilling its mission of providing expert identification services to anyone, anywhere, in order to facilitate access to life's most essential services, while championing the idea of using AI for the good of humankind.

In a world where identity is crucial, AI-powered IDV technology is able to make a significant impact by providing identity to those who were previously “invisible.”

Furthermore, the future of IDV solutions must provide persistent and pervasive identity tokens that are unique and readily accessible to individuals engaging with businesses digitally, whether in Web3, the metaverse, or across the web.

This will effectively serve as the identity verification layer for the entirety of the internet.

However, for any technology to assume this enormous responsibility, it must be proven, scalable, secure, and built on open technology standards - all of which Vouched has developed to realize its market vision.

Vote for us today! Seattle Startups