DURHAM – Even though it’s still operating in stealth mode, the word is getting around among investors about Fintech Verify4 Inc.
It’s raised more than $2 million in a combination equity-debt round, according to a regulatory filing.
Co-founder James Hervold tells WRAL TechWire is “still operating in stealth mode,” plans to launch later this year. Other founders are Michael Turner, president and chair, who is located in Connecticut, and co-founder Patrick Walker, chief data scientist, who is in Durham.
Walker said in a website quote, “We will be providing access to high quality data with unique characteristics that up to now has not been accessible to the broader market.”
Hervold told TechWire that considering the pandemic, the company has no physical offices now.
Describing the company mission on its website, Hervold wrote, “”We are currently engaging with customers to have a world-class, polished product and excited to be launching in 2021. The market is hungry for our solution and we are poised to be a major player in a multi-billion dollar market.”
In email, he added, “We’re dedicated to helping enable historically underrepresented groups gain access to credit & promote financial inclusion through the use of big data / machine learning / AI. Are working with some significant industry players and will be launching a ground breaking solution at the end of the year.”
The company, according to its website, is an innovative fintech startup looking to harness alternative data to disrupt consumer markets in order to expand credit access to historically underserved communities. It will verify identities for lenders in real-time and avoid fraud while providing help to people with a limited credit history.
“Verify4 has raised a Seed1 round of $1,000,000 from a single undisclosed investor on December 18, 2020 and had previously raised a pre-seed round of $510,00 from a number of angel investors on September 14, 2020,” the company notes.
Verify4 will be raising a Seed2 round in 2021. The founders have donated a portion of equity such that Verify4’s largest shareholder is a 503 (c) 3 non profit dedicated to financial inclusion.
