itsme® raises €24.7 million to finance ambitious growth plans
Federal Holding and Investment Company (FPIM/SFPI) injects €14.5 million and takes a 20% share
For the first time since the launch of their identity app, the seven founders of itsme® welcome a new shareholder: the Federal Holding and Investment Company (FPIM/SFPI). The government investment fund is investing €14.5 million in the Belgian identity app, taking a participation of 20%. Six other shareholders, all market leaders in banking and telecommunications, are also injecting extra funds, taking the total increase in capital to €24.7 million. These are important new steps along the way to a Europe-wide digital identity app. In Belgium, the app now has 3.5 million users. itsme® was in the news again very recently as authentication means for the Belgian government’s CovidSafe.be app.
FPIM/SFPI becomes new shareholder
There are very few solutions in Europe that have the same extensive reach as itsme®. In most cases, identity apps are limited to government initiatives, whereas itsme® is a consortium of seven private companies: Belfius Bank, BNP Paribas Fortis, ING Belgium, KBC Bank, Orange Belgium, Proximus and Telenet. They will now be joined by FPIM/SFPI, the Federal Holding and Investment Company. This government holding company is making an immediate capital injection of €14.5 million, which will give it a 20% share in itsme®.
Extra capital injection
In addition to fresh capital of €14.5 million, six shareholders of the first hour have also decided to make an additional investment themselves. Belfius Bank, BNP Paribas Fortis, ING Belgium, KBC Bank, Proximus and Telenet will each be injecting another €1.7 million into itsme®. In doing so, their aim is to invest further in the growing ecosystem linked to the digital identity. Today, itsme® enables users to identify themselves online, log in to websites, confirm transactions and sign documents digitally. However, there are all sorts of other new opportunities coming in the future.
The total capital increase for itsme® is €24.7 million, which is the highest amount in the still short history of the company. In April 2018, the existing shareholders also put €13.4 million into the company.
Since itsme® was officially accredited by the government at the beginning of 2018, Belgians have been using it increasingly. In the meantime, the app has grown to 3.5 million users, with an average of 3,500 new ones signing up each day
This can also be seen from the latest collaboration with the Belgian government, the CovidSafe.be app. Using this ‘corona passport’, Belgians can show that they have been vaccinated, or have had a negative PCR test, or have built up immunity. The app has only been available since Wednesday 16th June and already more than 1 million Belgians have logged into it via itsme®.
The latest figures:
In 2017, the seven market leaders in the banking and telecommunications sectors launched itsme®, the benchmark app in Belgium for digital identification, authentication and signature. The progress itsme® has made in barely four years speaks volumes. Some new figures:
Today, more than 3.5 million citizens use itsme® to identify themselves online, confirm digital transactions and sign documents electronically.
Some 45% of the adult population in Belgium have already created an itsme® account.
On average, Belgian use itsme® between 7 and 10 times each month with 150 partners. That adds up to over 18.5 million itsme® authentications per month, with both private companies and government portals.