Is Incode Technologies profitable in 2026?

No public profitability figures exist. Incode reported 80% year-over-year organic growth in August 2025 and processed over 7 billion cumulative identity verifications by June 2026, but revenue and profit figures are not disclosed by the company.

Has Incode Technologies had layoffs?

No layoffs are documented in public filings or press. Third-party trackers show hiring activity slowing, with Revelio Labs noting hiring down 34% in 2026, but no confirmed layoffs or headcount reduction announcement from Incode itself as of mid 2026.

Could AI replace Incode Technologies?

Unlikely soon. Generative AI drives the fraud problem Incode sells against, agentic fraud rose from 3% of attempts in 2024 to 40% in Q1 2026 per Incode, and frontier AI labs are structurally unwilling to hold KYC/AML regulatory liability that Incode's certifications cover.

Who is Incode Technologies' biggest competitor?

Incode names Persona, Jumio, Onfido (now Entrust), IDEMIA, Mitek, and Socure as its closest rivals in its own FAQ. Gartner named Incode a Leader in the Identity Verification Magic Quadrant in both 2024 and 2025, alongside these same peers.

Who owns Incode Technologies?

Incode is privately held and venture-backed, led by Founder and CEO Ricardo Amper since its 2015 founding. Major investors from its $220M Series B in December 2021 include General Atlantic and SoftBank, plus Capital One Ventures, Coinbase Ventures, and J.P. Morgan.

Is Incode Technologies raising new funding in 2026?

As of November 2025, Incode was reportedly in talks to raise $150M to $300M at a valuation of up to $3 billion, per Bloomberg reporting. As of the most recent available information, this round had not been confirmed as closed.

United States · United States

Incode Technologies

Incode verifies identities for banks and governments using biometrics and fraud data.

Defensible for now

Assessed 29 July 2026 · Evidence as of 29 July 2026

Real protection, with named pressure against it.

On the recordSince 29 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: 2026 Gartner Magic Quadrant for Identity Verification, Leader status decision

The call

Incode leads a crowded identity verification field with real data and integrations, but Persona, Socure, and Entrust are chasing the same deepfake defenses.

Incode checks whether people are who they say they are by comparing documents and faces against a huge database of 400 million profiles and past fraud cases. It is hard to copy because it has built deep relationships with major banks like Citi and government systems, earned strict security certifications, and gathered seven billion verification records that teach its system what fraud looks like. However, companies like Persona, Socure, and Jumio are doing similar work and improving fast. The big question is whether Incode can stay ahead when its rivals add the same deepfake-detection technology that Incode recently acquired through buying Deepsight.

Why

AI pressure: Deepfake generation tools plus rival deepfake detectors from Socure, Persona, Entrust. Generative AI makes fake IDs and faces easier to fake, which raises demand for Incode's detection but also arms rivals racing to match it. Could AI do the core job? Unlikely.

Bigger players: Persona, Socure, Entrust/Onfido, Jumio. These peer specialists already sell competing identity verification products to the same banks and enterprises Incode targets. Could a giant copy it? Probably.

What protects it. 7B+ verifications and 400M+ profiles feeding fraud models, plus deep bank and government integrations that are costly to rip out.

What would change this call

2026 Gartner Magic Quadrant for identity verification is published. Shows whether Incode keeps Leader status or a rival like Socure or Entrust overtakes it.
Incode's reported $150M-$300M funding round at $3B valuation closes or falls through. Confirms or contradicts investor confidence in Incode's growth trajectory.
Socure, Persona, or Entrust announce a deepfake-detection product benchmarked against Incode's Deepsight. Tests whether Incode's fraud-detection edge is durable or easily matched.

Key numbers

80% YoY organic growth (Aug 2025)
7B+ cumulative identity verifications (Jun 2026)
In talks for $3B valuation round (Nov 2025)

Named risks

Reported $3B funding round (Nov 2025 talks) may collapse or downround before closing. Severity: medium
Peer specialists could ship superior deepfake detection, threatening Gartner Leader status. Severity: medium
Integration of AuthenticID (2025) and Identiq (2026) acquisitions could stall or dilute growth. Severity: medium
Biometric privacy litigation exposure continues after $4M BIPA settlement finalized Nov 2024. Severity: low
Crowded identity-verification field with well-funded rivals pressures pricing and differentiation. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Persona	contesting	Named by Incode's own FAQ as a direct competitor in identity verification, 2026
Socure	contesting	Peer specialist competing for same Gartner Leader tier as of 2025 Magic Quadrant
Entrust (Onfido)	contesting	Onfido now under Entrust, both named competitors in Incode's identity verification FAQ
Jumio	contesting	Long-standing rival named in Incode's competitor list, competing in same Gartner category

Questions people ask

Is Incode Technologies profitable in 2026?: No public profitability figures exist. Incode reported 80% year-over-year organic growth in August 2025 and processed over 7 billion cumulative identity verifications by June 2026, but revenue and profit figures are not disclosed by the company.
Has Incode Technologies had layoffs?: No layoffs are documented in public filings or press. Third-party trackers show hiring activity slowing, with Revelio Labs noting hiring down 34% in 2026, but no confirmed layoffs or headcount reduction announcement from Incode itself as of mid 2026.
Could AI replace Incode Technologies?: Unlikely soon. Generative AI drives the fraud problem Incode sells against, agentic fraud rose from 3% of attempts in 2024 to 40% in Q1 2026 per Incode, and frontier AI labs are structurally unwilling to hold KYC/AML regulatory liability that Incode's certifications cover.
Who is Incode Technologies' biggest competitor?: Incode names Persona, Jumio, Onfido (now Entrust), IDEMIA, Mitek, and Socure as its closest rivals in its own FAQ. Gartner named Incode a Leader in the Identity Verification Magic Quadrant in both 2024 and 2025, alongside these same peers.
Who owns Incode Technologies?: Incode is privately held and venture-backed, led by Founder and CEO Ricardo Amper since its 2015 founding. Major investors from its $220M Series B in December 2021 include General Atlantic and SoftBank, plus Capital One Ventures, Coinbase Ventures, and J.P. Morgan.
Is Incode Technologies raising new funding in 2026?: As of November 2025, Incode was reportedly in talks to raise $150M to $300M at a valuation of up to $3 billion, per Bloomberg reporting. As of the most recent available information, this round had not been confirmed as closed.

Timeline

2026-06-25Acquired Identiq, committed $100M to privacy-preserving identity infrastructure
2025-12-01Launched Deepsight deepfake and injection-attack detection engine, Purdue-benchmarked
2025-11-19Reported in talks to raise $150M-$300M at up to $3B valuation (unconfirmed)
2025-08-27Named a Leader in the 2025 Gartner Magic Quadrant for Identity Verification
2025-08-19Acquired AuthenticID, Kirkland WA-based identity and document authentication provider
2025-03-07BIPA class action settlement (Aspel v. Incode) received final court approval for $4M
2024-06-27Acquired MetaMap's LatAm identity-verification assets
2021-12-08Raised $220M Series B led by General Atlantic and SoftBank at $1.25B valuation

Revision history

29 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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