Bulgarian Development Bank provides €2.5 million of funding to Evrotrust

The Capital Investment Fund, part of the Bulgarian Development Bank Group invests in Evrotrust’s product development and international growth.

The Bulgarian Development Bank (BDB) takes an equity stake in Bulgarian identity verification and qualified trust services provider Evrotrust Technologies. The €2.5 million financing comes prior to Evrotrust’s plans for a series A raise in 2023.

BDB who offers various financial products to small and medium size enterprises, is also a client of Evrotrust's digital identity and electronic signing solution and has first-hand experience with the benefits of working with the platform.

Evrotrust managed to secure this funding during a time of hesitance and uncertainty in the fundraising landscape. The company once again proves its “recession resilience” and plans to expand its global team by over 30% during 2023 as well as establish itself as the leading identity-as-a-service provider in central and eastern Europe. Having consolidated its core market in Bulgaria, Evrotrust is now fully committed to its expansion into high-growth European markets. Last year Evrotrust was recognized by Deloitte as one of the 50 fastest-growing tech start-ups in central Europe for its stunning 958% growth rate.

Evrotrust is a provider of qualified trust services, offering a technology solution for remote identity verification and electronic signature with the highest level of security. The company’s mission is to help businesses and government institutions digitize their services, making them more efficient and accessible to the end user. It creates innovations that support the digital transformation of organizations and creates sustainable business models and processes.

Leveraging the Evrotrust platform, an organization can remotely identify, onboard, and provide services to their customers in a fast and convenient way, while maintaining the highest standards for security. Evrotrust is integrated by numerous government institutions, international banking groups and non-bank financial institutions like insurance companies, pension companies, and telecoms.

“Closing an equity round with BDB’s Capital Investment Fund is yet another proof of the level of service and satisfaction of our clients, who see first-hand that Evrotrust unlocks digital growth” share Konstantin Bezuhanov, CEO of Evrotrust.