Mati: API for Online Trust & Reputation Management

Introducing Mati, a recently funded startup that secured $13.5 million in a Series A funding round to develop a digital reputation API poised to redefine interactions with online platforms. Mati employs an API-first strategy, enabling users to effortlessly share specific components of their verified identity.

This latest investment round featured participation from Tribe Capital, with Arjun Sethi now serving on the board; Jerry Murdock of Insight Partners; Sima Gandhi, previously the head of business development and strategy at Plaid; and Will Hockey, Plaid’s Chief Technology Officer.

Mati distinguishes itself from typical ID verification companies that rely on biometric checks. In several respects, Mati functions similarly to Plaid, but extends its capabilities to a broader range of data types. When a business integrates Mati, it gains the ability to authenticate various data elements, including proof of residence, income details, and tax information.

Rather than requiring users to photograph sensitive documents, Mati facilitates connections to governmental databases or utility companies, allowing for the direct download and secure sharing of data from these sources.

“Our core offering is a digital reputation API that transforms unidentified individuals into verified users,” explained Filip Victor, co-founder and CEO. These types of validations are particularly crucial for fintech companies and businesses operating within the sharing economy.

Filip Victor’s personal experiences with inadequate reputation systems motivated the creation of Mati. As an immigrant to the U.S., he encountered difficulties verifying his identity on Airbnb. He observed that many existing reputation services lack the necessary adaptability, frequently presenting challenges for immigrants or individuals lacking conventional documentation.

Mati has strategically focused on rapidly expanding regions, such as Latin America and Southeast Asia, recognizing that these areas often experience limited access to robust digital reputation systems. Current clients include Te Creemos, Taptap Send and Tropipay.

“We systematically expanded our reach, working through each region and country to access diverse databases. This allowed us to obtain access to information like social security data with user consent,” Victor stated.

Mati is exploring applications beyond the financial services and sharing economy sectors. Numerous online services could benefit from enhanced levels of trust. By empowering users to control the information they share, the company believes it has achieved an optimal balance between data privacy and security.

“Privacy isn’t about anonymity or concealment; it’s about maintaining control over your personal data,” Victor emphasized.

Currently, Mati serves 200 customers, and has experienced a threefold increase in its customer base over the past year. The startup currently employs 50 individuals and intends to add another 20 employees utilizing the funds from this Series A round.