Personr is the newest and most promising digital wallet for important documents, utilising large data, liveness detection technology and informed artificial intelligence. When CEO Charlie Westerman developed his brainchild, he was convinced it would set the stage and become the gold standard in the digital wallet and identity management space. He appears to have been right.
Following the pitch deck to a database of investors, Personr found itself the recipient of $1.25 million worth of interest within the first hour. According to Westerman, to date, Personr has received $3 million worth of interest at a $7 million valuation.
Westerman and COO Nicholas Ahrens accurately identified several pain points for enterprises and consumers, resulting in the growing interest of consumers and businesses for Personr. Westerman points out that the backward process of sending emails for identity verification or appearing physically in a bank has risks and is both time-consuming and impractical. For enterprises, mass verification costs them a lot of money.
In 2019 alone, Australians lost a staggering $3.1 billion because of identity theft. Statistics also show that consumers lose about $1,000 per identity theft incident. Several enterprises admit that even employee verification costs them millions of dollars each year.
Westerman argues that the world is becoming increasingly time-poor in this 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 has identified these issues and tried to address them until Westerman’s Personr. Through the app, consumers will be able to apply for jobs, credit, bank accounts and an apartment with the click of a button.
Personr allows consumers to store all the information and personal 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 businesses, they can simply send a temporary link giving them 72 hours to access the information.
As for businesses, they can use the company’s web application to add and manage employees and mass verify their documents instantly. Based on communication with Westerman, corporations estimate that they will save millions of dollars a year once Personr goes live.