Itsme, the digital identity app developed by a consortium of Belgian banks and telecommunications companies, has secured a €24.7 million capital boost, with the Federal Holding and Investment Company joining as a new shareholder.
The government investment fund is contributing €14.5 million for a 20% stake in the venture. Other shareholders, including Belfius Bank, BNP Paribas Fortis, ING Belgium, KBC Bank, Orange Belgium, Proximus, and Telenet, are also increasing their investments, raising the total capital injection to €24.7 million.
Currently, the app boasts 3.5 million users in Belgium and has been selected to provide the authentication mechanism for the Belgian government’s CovidSafe.be app.
Tom Feys, chief investment officer of FPIM/SFPI, highlights the app’s strategic significance for the Belgian government, stating, “It’s hard to imagine our society without itsme these days. In just a short time, the app has gained immense social relevance for Belgians, and it has the potential to play a significant role in Europe as well.”
As a new shareholder, the investment company aims to support itsme’s European ambitions, which include the recent launch in the Netherlands, allowing Dutch citizens to create itsme accounts.
The app currently enables users to verify their identities online, log into websites, confirm transactions, and sign documents digitally.
Michael Anseeuw, chairman of itsme, notes that the COVID-19 crisis has highlighted the importance of digital identities in protecting user data and combating online fraud. This is evidenced by the partnership with the Belgian government on the CovidSafe.be app, which allows users to demonstrate vaccination status or immunity. Since its launch on June 16, over one million Belgians have accessed it through itsme.
CEO Stephanie De Bruyne remarks, “The success of the past two weeks has solidified itsme’s position in Belgian society, demonstrating that we are ready to take on an international role.”