Verifiet Revenue & Funding (2024)

Verifiet reported annualized run-rate revenue of $7,800 as of mid-2023, derived from 27 paying customers. At that customer count, the implied monthly recurring revenue is roughly $650.

Verifiet had 27 paying customers as of mid-2023, out of approximately 380 total registered users. Farhan Afsahi stated that the average customer pays between $50 and $100 per month, with the host and Afsahi converging on approximately $50 per month as the effective average revenue per user.

The company's primary target segments are enterprises, fintechs, and banks that face regulatory requirements around counterparty due diligence. Afsahi noted that organizations including Wells Fargo, Maybank, Corner Shop (a subsidiary of Uber), and Shopify had visited the website or scheduled demos, though none of these were confirmed as paying customers at the time of the interview.

Pricing is structured on a per-API-call basis for developer and enterprise customers, with the website previously serving SMBs before the public API launch. Free-tier details and formal pricing tiers were not discussed in the interview.

Verifiet generates revenue by charging customers per API call for access to its company verification and fraud detection data layer, which connects to more than 300 data sources. The company positions itself in the regulatory technology (regtech) space, serving B2B companies that need real-time due diligence on counterparties rather than sales intelligence, which distinguishes it from competitors such as ZoomInfo, Clearbit, Cognism, and Bombora.

With 27 paying customers and approximately $7,800 in annualized revenue, the implied average revenue per customer per year is roughly $289, consistent with the stated $50 per month average. The company is bootstrapped and profitability was not discussed in the interview. Gross margin, burn rate, runway, churn, retention, LTV, CAC, and conversion rate were not discussed in the interview.

Afsahi described a planned shift in go-to-market focus from SMBs toward developers and enterprise customers following the public API launch, with fintech firms and banks as the primary target accounts.

Verifiet had two full-time team members as of the July 2023 interview, with Farhan Afsahi confirming a headcount of two when asked directly. The founding team consists of three co-founders who split equity equally at approximately 33% each, though it is not confirmed whether all three co-founders are working full time.

Team composition beyond the co-founder structure was not discussed in the interview.