Passbase announced $10M in Series A round led by Costanoa Ventures, with participation from Lakestar, Eniac Ventures, and Cowboy Ventures.

Passbase, a Berlin, Germany-based software company developing a next gen identity verification system, announced closing a series A funding round at $10 million.

The money was raised from investors led by Costanoa Ventures, with participation from Lakestar, Eniac Ventures, and Cowboy Ventures.

The proceeds will be used to scale their product suite and simplify policy management for cryptocurrency, fintech and other businesses using Passbase for identity verification services to meet rapidly changing global compliance requirements.

Passbase, founded in 2018 by Dave McGibbon, Felix Gerlach and Mathias J. Klenk, was developed as a pivot from the company’s origins as a cryptocurrency wallet, Coinance. The company provides identity verification infrastructure that helps companies solve their KYC needs in a compliant, privacy-oriented and user-centric way. Its developer-friendly, highly customizable tools and flexible pricing allow companies to incorporate ID verification, AML compliance, and age verification into their products.