According to Jan Andresoo, Chairman of the Management Board of Inbank, the reason for the transaction was a good purchase price supported by Inbank’s strategic decision to place a larger emphasis on the growth of its core business.

Inbank was one of the founders and major investors of Veriff, a provider of online identity identification services launched in 2015, ensuring the resources and the environment necessary for the development of the company. "Over the past year, Veriff's investor base has grown significantly. We believe that our role in this company in the form of start-up acceleration has been fulfilled, and we are eager to witness Veriff's future development," Andresoo said.

According to Kaarel Kotkas, the founder and CEO of Veriff, the interest to buy arose due to Veriff's international development. "We are expanding our team and there is no doubt that one of the motivating levers for key employees are share options. I would like to thank Inbank, who was our first investor and a kickstarter at the beginning of our product development phase," Kotkas said.

Inbank still remains a contractual customer of Veriff video verification. In addition to Inbank, Veriff’s best known customers in Estonia include Hansapost and LHV.

         Kristin Pihu
         Inbank AS
         Marketing and Communication Specialist
         +372 5348 2436