The new capital brings the company’s total funding to date to 630 crores, and will be used to invest in product development and furthering its international expansion as it furthers its mission to help billions of people unlock online services and experience upward mobility.
MetaMap (formerly Mati), startup that builds a merit-based trust and reputation infrastructure layer to help companies transition to a borderless economy, today announced that it has raised 530 crores in Series B funding led by Tribe Capital, with participation from Craft Ventures, Alameda Research (FTX), Titan Capital, and prominent angel investors including Jerry Murdock, founder of Insight Partners. The new capital brings the company’s total funding to date to 630 crores, and will be used to invest in product development and furthering its international expansion as it furthers its mission to help billions of people unlock online services and experience upward mobility. MetaMap is building their flagship tech hub in India, with over 30 employees already across offices in Bangalore and Gurgaon, and a plan to 5x headcount in India this year. The company is also announcing a number of partnerships with leading Indian fintechs, marketplaces and crypto exchanges in 2022.
The COVID-19 pandemic has accelerated the digital transformation of global business, moving the world closer towards a borderless economy. In emerging markets, as many essential services were brought online, nearly a billion new internet users followed in search of access to goods and services in just 18 months. The increased demand for digital has created a prime opportunity for entrepreneurs building apps and services in emerging economies to serve billions of new internet users. However, many people are still “digitally invisible” and as a result, remain locked out of the digital economy, further exacerbating the digital divide.
“The world continues to gravitate towards a more fluid, borderless economy that fosters greater participation from individuals who have typically been excluded from global commerce. However, the tools needed to make this vision a reality are still missing,” said Filip Victor, founder and CEO of MetaMap. “For entrepreneurs building apps and regulated services, this presents a substantial challenge: how do you qualify billions of potential customers who can’t evidence their own qualifications?”
MetaMap shines a light on the digitally invisible and connects entrepreneurs and service providers to billions of potential new customers by removing traditional barriers to trust: identity and financial risk. MetaMap allows entrepreneurs to vet individuals and assess their risk profile based on a variety of personal merits, validated by hundreds of data points that MetaMap surfaces. With these merits, entrepreneurs can recognize the whole spectrum of an individual’s profile, from basics like legal identity to more sophisticated qualifications such as biometrics and psychometrics. In turn, users are able to access digital services, often for the first time. Developers using MetaMap can put together custom automated workflows that qualify users on any number of different merits at any stage of their customer journey.
MetaMap offers solutions for a wide range of use cases, including fraud prevention, identity and financial qualification, and credential sourcing. These capabilities are crucial
for almost every industry in the global digital economy, ranging from ecommerce and cryptocurrency to gig work. By providing companies with the means to effectively qualify individuals that were previously invisible in the internet age, MetaMap is taking the first step to realizing its larger vision of unlocking borderless growth through merit.
Bipin Shah, Partner, Titan Capital, commented, “We are excited to invest and support MetaMap’s mission of creating a borderless economy by bringing users together on the digital map. The team’s differentiated approach of orchestrating disparate and hard-to-access databases to enable risk assessment of all types will alter the way businesses operate globally and ultimately, unlock human potential.”
“Digital invisibility is a widespread problem for much of the world’s populations, particularly in emerging economies, where many regions do not have credit bureaus or digital proofs of address or income,” said Victor. “That puts these populations at a disadvantage in an increasingly digital world. COVID accelerated the borderless economy faster than anyone previously imagined, but its true potential remains stalled because of severe fragmentation. By connecting fragmented databases that contain dozens of trust and reputation footprints and building easy-to-use API integrations that service providers businesses and, soon, consumers can tap into, we hope to shine a digital light on the areas of the human map that were previously inaccessible.”
“Solving the problem of digital invisibility unlocks massive capital and human potential worldwide,” said Jeff Fluhr, General Partner at Craft Ventures. “MetaMap has a nuanced and innovative approach for establishing trustworthiness online that scales beautifully. We are delighted to have the opportunity to invest and support MetaMap as it accelerates business growth for entrepreneurs across the globe.”
Source: Business World