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Bulgarian Evrotrust Secures €3.3M Investment to Expand Digital Identity Solutions Across Europe

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Image credit: Konstantin Bezuhanov, Personal archive
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Only have 1 minute? Here are 3 key takeaways: 

  • Bulgarian digital identity and trust services provider, Evrotrust, secured a €3.3M investment led by Silverline Capital, aiming to expand operations into new European markets and diversify new segments.
  • Evrotrust focuses on offering qualified trust solutions to facilitate the digitization of services for businesses and government institutions, including remote identity verification and secure electronic signatures.
  • The company would be able to issue Digital Identity Wallets, which would be legally accepted across all European markets. 

 

Bulgarian Evrotrust, a digital identity and trust services provider, secured €3.3M investment in a round led by Silverline Capital, a private fund providing mezzanine and equity solutions to mid-market businesses. The funding will aim to support the expansion of the operations across new markets in Europe, as well as incorporating new segments, including small and medium-sized businesses (SMBs).

Evrotrust, founded by the e-government expert George Dimitrov and the financial specialist Konstantin Bezuhanov, started its operations in 2018 with focus on providing qualified trust solutions that help businesses and government institutions digitize their services. They offer remote identity verification and secure qualified electronic signatures. The platform’s main objective is to enable organizations to remotely identify, onboard, and provide services to their customers in an optimized way. 

Early in 2023, Evrotrust raised €2.5M from the Bulgarian Development Bank Group and Capital Investment Fund. According to their data, Evrotrust’s services are utilized by over 1.3M unique users from 58 countries, and 150 enterprises in 11 countries. Their platform is integrated with government institutions, international banking groups, and non-bank financial institutions such as insurance companies, pension companies, and telecoms. 

“The investment is a vote of confidence from those who have used and experienced the value of the platform. It will also forward our international development plans and help us penetrate new markets. Evrotrust solves a problem larger than the tech sector, as we redefine digital and offline identity use, aligning them with the dynamic needs of the modern economy”, shared Konstantin Bezuhanov, CEO of Evrotrust.

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In 2023, Evrotrust received a notified eID scheme status, enabling users to remote registration of both individuals and legal entities without the need for physical presence with utmost security. 

Now, the company focuses on issuing Digital Identity Wallets, which would be legally accepted across all European markets. This wallet will store personal documents, such as identity cards, education diplomas, and driving licenses, ensuring security and privacy for users, to enhance interoperability with various EU and US digital infrastructures.

“The global digital identity solutions market is poised for significant growth, projected to achieve a compound annual growth rate (CAGR) of 19.3% by the year 2030. This expansion is driven by escalating demand for digital ID and trust services, fueled by increasing emphasis on security and data privacy, as well as the desire for enhanced convenience, efficiency, and accessibility. Furthermore, regulatory frameworks are aligning to provide further impetus to the eID markets. At Silverline, we recognize Evrotrust as a company well-positioned to capitalize on these emerging trends”, said Diana Aladzhova, Partner at Silverline, for The Recursive.

The company will increase its team, including hiring executive members across Europe to support its plan for market expansion (the targeted countries remain undisclosed) and further platform development.

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https://therecursive.com/author/teodoraatanasova/

Teodora Atanasova is a News Editor at The Recursive. She covers everything around funding rounds, exits, startups expanding to international markets, big tech opening R&D in CEE, meaningful for the ecosystem partnerships.