Deverium Secures €2M to Tackle Cross-Border Identification Issues

Deverium, a Lithuanian identity verification company, has received €2 million in EU funding to develop a cutting-edge digital identity platform. This initiative aims to create a leading distributed, reusable digital ID solution to address complex international identity verification challenges. The names of the firms involved in the funding remain undisclosed.

Deverium, alongside its partner Corner Case Technologies—specialists in cloud-ready web and mobile applications—plans to solve the lack of a globally accepted, interoperable digital ID system that works across borders and is recognized by governments and organizations worldwide.

Currently, ineffective identification practices cost European financial institutions more than €5.7 billion each year. In fact, 68% of European consumers abandon the onboarding process for financial services due to the cumbersome Know Your Customer (KYC) and identity verification (IDV) processes. Globally, businesses face high costs and operational delays from repeated ID verification for each service or product purchase. Automating these processes could reduce onboarding costs by 70% and decrease turnaround times by 90%.

Erika Maslauskaite, CEO of Deverium, explains that the product concept emerged from the growing need for a streamlined global identity verification process. “By leveraging our digital identity expertise from past collaborations with leading IDV firms, we aim to deliver a comprehensive solution for cross-border ID challenges. This EU funding will enable us to develop a minimum viable product and eventually scale it on a global level.”

Deverium’s platform will comply with the European Union’s eIDAS regulation, designed to eliminate obstacles to using electronic identification services. This will give users greater control over their personal data across digital platforms.

“We’re using advanced cryptographic techniques and distributed architecture to build a secure, interoperable global digital identity solution,” says Edvardas Maslauskas, Head of Technology at Deverium. “By aligning with EU eIDAS standards and scaling up for global use, our platform will ensure both compliance and seamless cross-border identity verification. Our goal is to empower users to maintain control over their privacy while reducing onboarding costs for businesses.”