Singapore-based startup Accredify raises $7 million for its digital verification platform

We live in an era dominated by fake news. But reading fake news is one thing, relying on untrustworthy information to make business decisions can have disastrous consequences. It was this realization that prompted Quah Zheng, a chartered accountant, to abandon his career and pursue a new mission: ensuring that companies operate with reliable and trusted information.

So in 2019, Quah co-founded Accredify with his buddy Shaun Cheetham to help companies and businesses securely verify and authenticate documents in real-time using blockchain tech. Accredify is currently used by more than 600 customers. The company has processed 12 million verifications on 2 million so far.

To further grow its operations and expand its global footprint, the Singapore-based Accredify announced today that it has raised $7 million in Series A funding led by iGlobe Partners and SIG Venture Capital, with participation from returning investors including Pavilion Capital and Qualgro.

“What intrigued me was the capability of the technology to allow for real-time authentication,” Quah told TechCrunch. “That was mind-blowing because fundamentally, accountants are there to match certain transactions and make sure everything tallies up against one another. When I realized that technology can completely displace that activity, it intrigued me.”

Currently operating in nine markets, the Singapore-based Accredify plans to use the fresh capital infusion to invest in its Sydney office and also open a new office in Japan. The startup also announced its plans to expand the application of verifiable technology solutions beyond its current use cases and into industries such as human resources and finance. The company plans to increase its presence in the education, healthcare, and aviation sectors as well.

Founded just three years ago, Accredify uses blockchain to ensure the authenticity of a document that is shared or received through a digital verification process.

“The team at Accredify has been building on this for years and are now seeing exciting traction serving industry leaders across multiple verticals,” said Blake Ong of SIG Venture Capital. “As more countries continue to chart towards their digital ambitions we believe that trust technologies like Accredify’s are foundational to enabling that secured connected future.”

Zheng said he is looking forward to collaborating with the company’s investors and utilizing their extensive global networks to introduce their digital trust technology to governments and enterprises throughout the region.