Deem

Redeem is a disruptive startup in the Blockchain, Fintech, and Web3 industries, founded in 2022, with a clear mission encapsulated by their slogan, "Meet the connectivity and identity platform that delivers secure digital experiences with the simplicity of a phone." The company's innovative approach revolves around leveraging phone numbers as universal identifiers and existing user behaviors found right on the phone to enable seamless consumer engagement and combat friction, fraud, and identity-based attacks in both Web2 and Web3 environments.

Last Investment: $2.50M Pre Seed Round investment at 01 March 2023 by CMT Digital, Flyover Capital, Kenetic Trading, KCRise Fund, Monochrome Capital, VC 3 Ventures, Kestrel 0x1, Everywhere Ventures (The Fund).

Redeem's technology connects phone numbers to devices via SIM card authentication and links consumers to their devices with local biometrics, all orchestrated within an industry-standard OAuth flow. The startup's platform is engineered to streamline consumer onboarding and engagement, simultaneously ensuring identity and possession. By doing so, Redeem effectively reduces fraud, Account Takeover (ATO), and bot-related incidents, leading to increased revenues, reduced payment processing fees, and improved consumer engagement and satisfaction across both Web3 digital wallets and NFT utility or traditional Web2 e-commerce payment processing flow use cases. Overall, Redeem is positioned as a promising player in the space, with its innovative approach and strong backing from notable investors.