Middesk, a San Francisco, CA-based provider of an identity platform automating business verification and underwriting decisions, raised $57M in Series B funding.
Insight Partners led the round with Canapi Ventures participating from Sequoia Ventures, Accel and Gaingels.
The company plans to use the funds for new and existing products, scaling the team, and educating the market about business identity.
Middesk is led by Kyle Mack, CEO. Its infrastructure solution allows banks, lenders, creditors, payment companies, payroll companies, and other service companies to easily automate onboarding in regulated sectors. Its platform provides complete up-to-date data on businesses in the United States and automatically notifies service providers of changes to its customer base, enabling them to make informed decisions during and after onboarding. This allows service providers to quickly build an accurate picture about their customers and provide the products that they require to set up, manage and sustain their businesses. With its identity-as-a-service APIs, businesses can verify, underwrite, and enable their customers to grow their businesses. Plaid, Bluevine and Novo are some of the current customers.