With fraud losses climbing, BGF backs Romania’s TMT ID with €34 million as it eyes expansion

Romanian mobile data and identity intelligence company TMT ID has secured a €34 million investment from BGF to combat cybercrime, prevent fraud, and build digital trust on a global scale. This significant funding underscores the escalating need for robust identity verification and fraud prevention technologies in the face of rising digital threats and financial losses, particularly across Europe. The investment will enable TMT ID to enhance its product offerings, expand internationally, with a specific focus on the US market, and grow its customer base, which currently includes over 260 organizations. TMT ID's solutions leverage a data network encompassing three billion phone numbers across over 200 countries, performing over 100 million daily checks through direct integrations with mobile network operators, used by over 250 banks, financial institutions, and e-commerce companies. Its identity and fraud product suite, including ‘know your customer’ and age verification, has seen an 80% revenue increase. This funding highlights a trend of European startups addressing AI-enabled threats, including deepfake-driven fraud, which has led to over €1.3 billion in losses. The demand for TMT ID’s services has already driven 30% growth this year compared to 2024, reflecting the urgency of providing reliable verification solutions. The age verification market is expected to double in size in the next four years, reaching €6.9 billion, thus making TMT ID's investment a crucial player in the digital security landscape. This marks TMT ID’s first institutional partnership, indicating a shift from self-funding, allowing the company to accelerate innovation and expand its global reach. With global fraud losses reaching €863 billion in 2024, the investment positions TMT ID for significant growth, contributing to a safer, more trustworthy digital environment.