Veriff, who specialise in web-based identification solutions, started meeting with investors immediately after participating in a round of pitching with Silicon Valley startup accelerator Y-Combinator.

Transferwise co-founder Taavet Hinrikus, and Simon Levene of London-based Mosaic Ventures both take a seat on the Veriff board.

In total Veriff has managed to raise $8.4 million from a total of 25 investment institutions and private investors.

Veriff is to take advantage of the capital raised to expend its staff in preparation for a planned increase in volume of business and to develop its product, including providing secure online ID solutions for small and medium-sized enterprises.

Veriff currently have a staff of 25 and hope to increase that to 30 by the end of the year.