Person is the newest and most promising digital wallet for important documents, using big data, liveness detection technology and informed artificial intelligence. When CEO Charlie Westerman developed his brainchild, he was convinced it would pave the way and become the gold standard in the digital wallet and identity management space. He seems to have been right.
After an investor database pitch deck, Personr found himself the recipient of $1.25 million in interest within the first hour. According to Westerman, to date Personr has received $3 million in interest at a $7 million valuation.
Westerman and COO Nicholas Ahrens pinpointed several pain points for businesses and consumers, leading to growing consumer and business interest in Person. Westerman points out that the reverse process of sending emails for identity verification or physically showing up at a bank is risky and both time-consuming and inconvenient. For businesses, mass verification is very expensive.
In 2019 alone, Australians lost $3.1 billion to identity theft. Statistics also show that consumers lose approximately $1,000 per incident of identity theft. Many companies admit that even employee verification costs them millions of dollars every year.
Westerman argues that the world is increasingly time-starved in the digital age, so it makes no sense to waste a lot of time going to a bank branch or the post office to verify existence.
With the growing popularity of digital wallets, it’s surprising that no one identified these issues and attempted to address them until Westerman Person. Through the app, consumers will be able to apply for jobs, loans, bank accounts and an apartment with the click of a button.
Personr allows consumers to store all the personal information and documents they need. These would be legally verified using artificial intelligence with an accuracy rate of 99.95%. If app users need to share profiles with companies, they can simply send a temporary link giving them 72 hours to access the information.
As for businesses, they can use the corporate web application to add and manage employees and bulk verify their documents instantly. Based on communication with Westerman, companies estimate that they will save millions of dollars per year once Person go live.
News Baden Bower