Incode Revenue, Valuation, Funding & Investors

Incode is valued at $1.3B as of December 2021, a 7.4x multiple on its last reported $170M revenue.

Last Incode valuation

$1.3B

Series B · Dec 2021

Last Incode funding round

$220M

Series B · Dec 2021

Incode revenue

$170M

Series B · Dec 2021

Key investors in Incode

  • DILA Capital
  • DN Capital
  • 3L Capital
  • Framework Venture Partners
  • Walter Ventures
  • FJ Labs

Incode Overview

About Incode

Incode is a Mexican (now HQ in San Francisco, CA) digital identity firm founded in 2015. The company develops biometric facial recognition products for banking, payments, hospitality, and retail. Recognized by the US government as a leader in enterprise-grade solutions, Incode serves major banks, governments, and retailers globally with offices in Europe and Latin America. Products ensure secure, frictionless verification for end-users.


Founded

2015

HQ

MexicoMexico City

Website

incode.com

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Subscription

Revenue

$170M (Dec 2021)

Valuation

$1.3B (Dec 2021)

Incode Valuation

Incode is currently valued at $1.3B, based on its Series B in December 2021.

The $220M round was led by General Atlantic and SoftBank Group, with participation from Silicon Valley CISO Investments, DN Capital, 3L Capital, Coinbase Ventures, Framework Venture Partners and 4 other investors.

Incode valuation by funding round

Incode valuation by funding round
DateStageValuationRevenue Multiple
Dec 2021Series B$1.3B7.4x

Incode Revenue

Incode's latest recorded revenue is $170M, as of its Series B in December 2021. At a $1.3B valuation, that implies a 7.4x revenue multiple.

Incode revenue by funding round

Incode revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2021$170M$1.3B7.4xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Incode Funding History

Incode has raised a total of $257M across 4 funding rounds.

Incode's first fundraising round was a $2M seed round in December 2015. The most recent completed round was a $220M Series B in December 2021.

Incode funding rounds

Incode funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2021Series BGeneral Atlantic (lead); SoftBank Group (lead); Silicon Valley CISO Investments; DN Capital; 3L Capital; Coinbase Ventures; Framework Venture Partners; Capital One Ventures; DILA Capital; JPMorgan Chase; Walter Ventures$220M$1.3BIncode Technologies is an AI-powered biometric identity verification and digital trust company headquartered in San Francisco, founded in 2015. The company provides a fully automated omnichannel platform for customer onboarding, authentication, and compliance across financial services, retail, gaming, and public sector industries. The company owns its entire technology stack rather than relying on subvendors, enabling direct relationships with enterprise clients and continuous technology improvement based on feedback. In its Series B funding round announced on December 7, 2021, Incode raised $220 million and achieved unicorn status with a post-money valuation of $1.25 billion. The round was led by General Atlantic and SoftBank, with participation from J.P. Morgan, Capital One Ventures, Coinbase Ventures, SVCI (Silicon Valley CISO Investments), DN Capital, 3L Capital, Framework Ventures, and the founders of dLocal. According to the company at the time of the Series B announcement, Incode had grown its revenues 6 times over the previous 12 months. Notable enterprise clients include Citigroup, Grupo Financiero Banorte, Banco de Sabadell, and Metal Pay. The company operates the Incode Omni platform, which supports over 4,600 documents globally for identity verification, and has been recognized as a Leader in the Gartner Magic Quadrant for Identity Verification.
Mar 2021Series A3L Capital (lead); DN Capital (lead); FJ Labs; Framework Venture Partners; DILA Capital; Walter Ventures; Antenna Ventures$25M-Incode Technologies is a next-generation identity verification and authentication platform for global enterprises offering omnichannel orchestration capabilities. Founded in 2015 by Ricardo Amper, the company provides AI-powered biometric identity solutions that enable seamless customer onboarding and authentication across digital and physical channels without requiring manual call center workflows. The company maintains its own complete technology stack rather than relying on third-party vendors, allowing direct relationships with enterprise clients including major financial institutions like Citigroup and JPMorgan Chase. In March 2021, Incode announced a $25 million Series A funding round led by DN Capital and 3L Capital with participation from Framework Ventures, Walter Ventures, FJ Labs, and DILA Capital. The funds were allocated to scaling technology and aggressive geographic expansion in North America and Europe with an expected tripling of headcount. Less than seven months later, in December 2021, the company raised $220 million in Series B funding at a $1.25 billion post-money valuation led by General Atlantic and SoftBank, demonstrating significant growth during this period with revenues growing 6x over the 12 months preceding the Series B round.
Oct 2019SeedDILA Capital (lead)$10M-Incode Technologies is a San Francisco-based biometric identity verification platform founded in 2015, offering omnichannel authentication and identity solutions for global enterprises. In October 2019, DILA Capital led a $10 million funding round to support development of the company's core AI-driven biometric technology and global commercial expansion. Beyond the round size, Incode's financial metrics near the 2019 timeframe were not publicly disclosed. The company later achieved significant scale: it raised $220 million in a Series B round in December 2021 at a $1.25 billion valuation, and by 2024 had processed over 4.1 billion identity checks and generated $170 million in annual recurring revenue.
Dec 2015Seed-$2M--

Who has invested in Incode?

13 investors have backed Incode across its funding rounds, including DILA Capital, DN Capital, 3L Capital, Framework Venture Partners, Walter Ventures and FJ Labs.

Lead investors include General Atlantic, SoftBank Group, 3L Capital, DN Capital and DILA Capital.


Incode Investors

Investors in Incode by funding rounds participated
InvestorHQRoundsRoleFirst check
DILA CapitalMexicoMexico City3LeadOct 2019
DN CapitalUnited StatesUnited States2LeadMar 2021
3L CapitalUnited StatesUnited States2LeadMar 2021
Framework Venture PartnersCanadaToronto2ParticipantMar 2021
Walter VenturesGermanyMunich2ParticipantMar 2021
Silicon Valley CISO InvestmentsUnited StatesSan Francisco, CA1ParticipantDec 2021
SoftBank GroupJapanTokyo1LeadDec 2021
FJ LabsUnited StatesNew York City, NY1ParticipantMar 2021
Coinbase VenturesUnited StatesSan Francisco, CA1ParticipantDec 2021
Capital One VenturesUnited StatesSan Francisco, CA1ParticipantDec 2021
General AtlanticUnited StatesNew York City, NY1LeadDec 2021

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Acquisitions by Incode

Incode has acquired 3 companies to date.

Last acquisition by Incode was on June 24th 2026. Incode acquired Identiq for undisclosed valuation.


Latest Acquisitions by Incode

Identiq
AuthenticID
MetaMap
Description
Identiq is a Tel Aviv-founded identity verification network launched in 2018 that authenticates users without exposing personal data. The protocol unites companies in a privacy-focused system for onboarding, funding validation, withdrawals, and high-risk actions, minimizing false positives while boosting approval rates across financial services.
AuthenticID is a provider of automated identity verification and fraud prevention solutions used by telecoms, banks, fintechs, and government agencies worldwide. The platform employs computer vision and machine learning for KYC, onboarding, and re-authentication in retail, digital, and call center settings, supporting compliance with GDPR and other privacy standards.
-
HQ CountryIsraelUnited StatesUnited States
HQ City
Tel Aviv
Seattle, WA
San Francisco, CA
Deal Date24 Jun 202619 Aug 202511 Jun 2024
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Incode Competitors

Incode competitors include listed companies like BlackBerry and Red Violet, and private ones like Avathon, Glow, ShelterZoom and Vectra AI.

Public and private companies comparable to Incode
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AvathonUnited StatesSan Francisco, CAPrivate--$1.4B-
GlowUnited StatesSan Francisco, CAPrivate--$1.2B-
ShelterZoomUnited StatesNew York City, NYPrivate--$1.2B-
Vectra AIUnited StatesSan Jose, CAPrivate--$1.2B-
BlackBerryCanadaCanadaPublicly listed$549M$83M$4.7B7.8x
Red VioletUnited StatesUnited StatesPublicly listed$90M$24M$1.2B11.7x

Incode Public Comps

Incode is still privately-owned, but its public comps include Red Violet, Eastcompeace Tech, Radware, DPtech, Secunet, CloudWalk, NSFOCUS, BeiJing Certificate, Yubico and Rapid7.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Red Violet$90M$24M13.2x11.7x50.0x31.7x
Eastcompeace Tech$197M$26M4.8x-36.4x-
Radware$302M$20M3.6x3.4x56.1x23.2x
DPtech$182M$25M5.3x4.9x39.0x-
Secunet$528M$86M2.8x2.6x17.3x16.3x
CloudWalk$75M($75M)18.8x19.1x(18.7x)-
NSFOCUS$379M$37M2.6x2.4x26.1x25.6x
BeiJing Certificate$125M($12M)6.7x-(70.9x)-

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Common questions about Incode

When was Incode founded?Incode was founded in 2015.
Where is Incode headquartered?Incode is headquartered in Mexico City, Mexico.
Is Incode publicly listed?No, Incode is a private, VC-backed company.
What is Incode's valuation?Incode was last valued at $1.3B in its Series B in December 2021.
How much funding has Incode raised?Incode has raised $257M across 4 funding rounds.
What was Incode's last funding round?Incode's last funding round was a $220M Series B in December 2021, led by General Atlantic and SoftBank Group.
Who are Incode's investors?Incode's investors include DILA Capital, DN Capital, 3L Capital, Framework Venture Partners, Walter Ventures, Silicon Valley CISO Investments, SoftBank Group, FJ Labs, Coinbase Ventures, Capital One Ventures and 3 others.
What is Incode's revenue?Incode's latest recorded revenue is $170M (December 2021).
What is Incode's revenue multiple?Incode's latest valuation implies a 7.4x revenue multiple ($1.3B valuation on $170M of revenue).
Which companies are comparable to Incode?Companies comparable to Incode include Avathon, Glow, ShelterZoom, Vectra AI, BlackBerry and Red Violet.
How many companies has Incode acquired?Incode has acquired 3 companies, including Identiq, AuthenticID and MetaMap.

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