Accredify Becomes Okta Ventures’ First Investment in Singapore – Fintech Singapore

Singapore-based Accredify, known for its verifiable technology solutions, has received a strategic investment from Okta Ventures. The sum was not disclosed.

This investment is part of an extension to Accredify’s Series A financing, marking Okta Ventures’ first foray into a startup headquartered in Singapore.

This follows Accredify’s US$7 million funding round in April 2023, co-led by iGlobe Partners and SIG Venture Capital with additional support from Pavilion Capital and Qualgro.

Okta, a publicly traded identity and access management firm, through its investment branch Okta Ventures, supports companies innovating within digital identity, privacy, and security.

This collaboration will see Accredify integrating Okta’s advanced identity management solutions, including Single Sign-On (SSO) and Multi-Factor Authentication (MFA), to benefit its clientele.

Okta Ventures’ investment criteria emphasise a focus on modern identity challenges, market demand, and the ability to offer unique value through Okta’s extensive network of integrations.

Quah Zheng Wei

“In an era where digital trust is being eroded due to the rise of deepfake and generative AI applications that are being used by malicious actors and fraud syndicates worldwide, verifiable digital identity has become a must-have for organisations to retain their brand reputation and ensure the security of online transactions and information exchange.

We’re excited to be partnering with Okta Ventures to bring Accredify’s verifiable technology to every corner of the globe and to realise our vision of the next stage in mankind’s path to digitalisation – the adoption of verifiable data and identities to rebuild digital trust for all.”

said Quah Zheng Wei, CEO and Co-founder of Accredify.

Austin Arensberg

“Okta Ventures is excited by Accredify due to its successful history of commercial use cases where it deployed verifiable credentials and identities across multiple industry verticals such as education, healthcare, corporate services, and defence – a differentiator from most verifiable credential providers who focus solely on one industry.”

said Austin Arensberg, Senior Director at Okta Ventures.

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• Source: https://fintechnews.sg/93312/funding/accredify-becomes-okta-ventures-first-investment-in-singapore/