For many financial institutions in Southeast Asia, verifying new customers takes a week or two, said the founders of Verihubs. The startup cuts that time down to as little as five seconds, using AI-based identity authentication technology and APIs that let companies continue verifying returning customers through SMS, WhatsApp, or flash calls.
The startup recently finished taking part in Y Combinator’s summer 2021 batch and says it is the first YC-backed AI startup from Indonesia.
Based in Jakarta, Verihubs was founded in 2019 by Rick Firnando, who has more than 9 years of experience in the B2B industry, and Williem Williem, an AI researcher who holds a PhD in computer vision from South Korea’s Inha University. The company currently has 46 customers, including major banks and fintech, and the founders say it is on track to hit 100 customers soon. While most of its current clients are in the financial space, Verihubs technology can also be used for e-commerce, rental marketplaces, and hospitality (one of its clients is a hotel that uses Verihubs for its check-in process).
“because integrating with multiple vendors is painful for developers to do,”Rick Firnando
The startup’s product pipeline also includes building its own credit scores, based on data like transactions and account balances. Verihubs is currently focused on Indonesia, with plans to expand into other Southeast Asia markets eventually.
“We consolidate financial data from multiple sources, not only for banks, but also unbanked populations. And we’re also exploring expanding into new markets, like the Philippines and Vietnam.”