January 18, 2023




SSI Digest: 2022 Wrap-Up

Market reports and trends, Fundraising and M&A, Big Tech and Digital Identity - we wrap-up the key stories from 2022

Fundraising and M&A

  • Digital identity startup Evernym sold to Avast, looking to bring trust to a decentralized internet
  • NFT3 raised $7.5 million led by Animoca Brands, signaling decentralized identity technology and NFTs as gateway to the Metaverse
  • Umazi, the due diligence platform automating enterprise identity verification, has secured over €880k from Innovate UK and other angel investors
  • Seattle-based Indicio secured $3.5 million from a fundraiser led by investment company Hard Yaka, to advance the adoption of its decentralized digital ID technology across industry verticals with steady focus on the finance, healthcare and travel sectors.
  • Open finance network Plaid acquired identity verification and compliance platform Cognito in a deal valued around $250 million.
  • Unum ID, the digital ID card network, raised a $2 million strategic round led by 1414 Ventures and Outliers, with participation from Draper Associates, TappanHill Ventures, and others
  • India’s M2P Fintech snaps up digital identity platform Syntize
  • Los Angeles-based decentralized identity startup Carv raised $4 million, valuing it at a handsome $40 million
  • Trinsic, the leading infrastructure for building user-controlled identity products, announced an $8.5 million seed round
  •, a global cloud-based payments provider, has announced its intent to acquire digital identity verification (IDV) startup, ubble
  • Avast acquired second blockchain decentralized identity provider SecureKey
  • Fintech app Portabl raises $2.5M to help consumers securely store financial data

Market reports and trends

  • In November 2022, Forbes estimates that the digital identity market, as defined by 1414 Ventures, is comprised of 50 subsectors, and it has a valuation of $663.9 billion, up 8.5% from a valuation of $612 billion in 2021, and is projected to cross $1 trillion by 2024 according to our calculations.
  • Per a recent McKinsey report on technology trends, self-sovereign identity was called out as one of the most noteworthy technologies in digital identity and trust architecture.

Big Tech and Digital Identity

  • Microsoft has launched a new platform called Microsoft Entra, under which all of its identity-related services will now fall
  • Google Wallet prepared state ID & driver's license support with December 2022 Play System Update
  • JPMorgan is exploring the idea of a digital wallet that would allow users to control their digital identity and assets across platforms
  • Equifax, known for huge data breach, is building a Web3 KYC solution

Digital Identity Key Regulation

  • The European Council adopted its common position (‘general approach’) on the proposed legislation regarding the framework for a European digital identity (eID)
  • EU awarded Digital Wallet contract to Scytáles and Netcompany-Intrasoft consortium
  • The World Bank published a working paper “Principles on Identification for Sustainable Development: Toward the Digital Age”

What did we miss, join the conversation and let us know?

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