The Council of Ministers of the Republic of Bulgaria recognized the electronic identification scheme developed by "Evrotrust Technologies" AD as national. During the month of April, the scheme was also validated by the EU member states in the Cooperation Network of the European Commission. The decision was taken according to the European Regulation (EU) 910/2014 (eIDAS), which provides that each member state of the European Union must create and notify a national scheme for electronic identification.
The successful notification of Evrotrust’s eID scheme will enable companies and individuals from the EU to gain digital access to public services in their own country and across the European Union, including healthcare, social care, education, taxes, pension, and work. It also enables EU businesses to provide their international customers with a fully digital and secure journey as it offers a quick and easy process when signing a contract while providing the possibility to verify the identity of the client. This opens great opportunities for seamless international expansion.
Earlier this year, Evrotrust, headquartered in Bulgaria, attracted a pre-seed investment of 2.5 million euros from the Bulgarian Development Bank to support its international expansion and entry into foreign markets, distinguishing itself as a leader in the Central and Eastern European start-up space. The company has over 1 million international users between 18 and 80 years old and over 100 business clients, 15 of which are some of the major banking institutions worldwide. Business clients of the eID scheme include Mastercard, Allianz, DocuSign, UniCredit Bulbank, Raiffeisen Bank, KBC Bank, SoftServe, EPAM, Sutherland, and TELUS International.
The pre-notification procedure of Evrotrust involved peer review assessment for eIDAS compliance by all European Member States. The extensive procedure took more than 6 months, and as a result, the Evrotrust electronic identification scheme is recognized to meet both high and substantial assurance levels, demonstrating its commitment to providing secure digital identity to individuals and businesses across Europe. 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.
"We are proud to have been voted as Bulgaria’s national scheme under the eIDAS regulation and therefore be able to offer the Romanian clients, both individuals, and companies, our technology solutions for remote identification and electronic signature with the highest level of security. The Romanian market is very important in our international expansion process, and we are confident that our platform will answer market demands in terms of rapid, convenient, and secure identification process.” says Evrotrust Chairman of the Board of Directors, prof. George Dimitrov.