AshGrove commits up to €40 million to Fourthline, a leading European digital identity and compliance platform backed by Finch Capital, to support the completion of the Fourthline and Veridas merger
€65m of capital was raised from existing shareholder Finch Capital, AshGrove and new equity investment from Seaya Andromeda
With a With a projected combined revenue of more than €50m in 2026 and both businesses EBITDA-positive at closing, the combined businesses expect to reach €85m annual recurring revenue in 2029 [1]
The group will serve customers across more than 50 countries and is on track to complete 200 million identity verifications in 2026
London, 6 November 2026 - AshGrove, the €1 billion European investment firm specialising in bespoke capital and financing solutions for B2B software and services businesses, has committed a €40 million growth investment to Fourthline to support the completion of its merger with Veridas.
The wider funding package of up to €65 million includes support from Fourthline’s existing shareholder Finch Capital and new equity investment from Seaya Andromeda.
Fourthline is a leading European identity services provider powering compliance solutions through proprietary AI technology. Founded in Amsterdam in 2017, the company's market position is reflected in its current client roster including Revolut, N26, Trade Republic, Qonto, Scalable Capital, Scalapay, and Raisin. Through a single API integration, Fourthline enables financial institutions to maintain consistent compliance standards while supporting ambitious global expansion.
The funding will be used to accelerate product innovation, pursue strategic M&A, refinance debt, and support a shareholding reorganisation that includes partial liquidity for Veridas shareholders. Fourthline and Veridas bring together complementary identity verification, compliance, anti-fraud and biometric technologies. The combined group will serve customers across more than 50 countries, with operations spanning Europe, Latin America and the US, and is on track to complete 200 million identity verifications in 2026.
Paul Stoddart, CEO of Fourthline, will lead the combined business as Chief Executive Officer and the group will be headquartered in Amsterdam and have offices in Stockholm, Pamplona, Barcelona, Mexico City, São Paulo and Boston.
Luke O’Shea, Managing Director at AshGrove, said: “Fourthline and Veridas are exactly the type of mission critical B2B software businesses that align with our sector specialism. That expertise enabled us to work closely with Finch Capital and the management team at Fourthline to structure the financing around the specific needs of the businesses. We’re delighted to support the creation of a global bank-grade identity platform with significant opportunities for further growth.”
James Cunnah, Director at AshGrove, added: “A core part of AshGrove’s approach is providing bespoke capital and financing solutions that can support businesses through different stages of their growth. We have followed Fourthline for several years as one of the leaders in this space that is on the right side of AI innovation. We look forward to working closely with Paul, Radboud and the wider team through this next phase.”
Paul Stoddart, CEO of Fourthline, said: “The completion of this merger creates a true European leader in identity and fraud prevention, able to apply one verification standard through a single provider across Southern Europe, Latin America and the US. AshGrove’s support enables us to take this important next step in our growth.”
Radboud Vlaar, Managing Partner at Finch Capital, said: “Fourthline and Veridas have complementary capabilities, strong client-led product development and a high-quality customer base. We believe the identity market is ready for consolidation, and the group’s organic growth and recent Tier-1 bank wins give it a strong platform from which to execute the value creation plan. AshGrove’s approach to flexible financing and sector knowledge helped us complete a complex cross-border combination.”
About AshGrove
AshGrove is a pan-European investor providing bespoke capital and financing solutions to ambitious B2B software and services businesses. The firm focuses on companies with resilient, recurring revenue models and works alongside founders, management teams and private equity sponsors to support growth, strategic development and value creation. AshGrove manages over €1 billion of capital across its strategies and has offices in London and Copenhagen.
Contact: ashgrove@burwaygroup.com
About Fourthline:
Fourthline is a leading European identity verification provider powering compliance solutions through proprietary AI technology. Founded in Amsterdam in 2017, Fourthline’s strength is reflected in its current client roster including Revolut, N26, Trade Republic, Qonto, Scalable Capital, Scalapay, Raisin, Rabobank and Bitpanda. Through a single API integration, Fourthline enables financial institutions to maintain consistent compliance standards while supporting ambitious global expansion. www.fourthline.com
About Finch Capital
Finch Capital is a European growth and buyout investor specialising in critical technology companies for regulated industries and functions. For over a decade, Finch has partnered with management teams of profitable or near-profitable businesses, providing growth capital alongside liquidity for existing shareholders, and supporting value creation through AI adoption, go-to-market execution and add-on M&A. Portfolio companies include Fourthline, AccountsIQ, Goodlord, NomuPay and eflow. Finch Capital has offices in Amsterdam and London.
www.finchcapital.com
About Veridas:
Veridas is a technology company founded in 2017 as a joint venture with BBVA. Since then, it has become a leading global player in the identity industry, serving over 350 clients across 25 countries in sectors including banking, insurance, telecommunications, and public administration across Europe, Latin America and the United States. Veridas’ mission is to provide Trusted Digital Identities to any business, through its proprietary, cutting-edge identity verification, biometric, and anti-fraud solutions.
Disclaimer
[1] Source: Fourthline, 3 November 2027. There is no guarantee that targeted or projected performance and revenue will be met. This document does not constitute, and should not be construed as, an invitation, inducement or solicitation to invest, nor an offer to buy or sell any investment, product or service. Nothing in this document constitutes investment advice and should not be relied upon as the basis for any investment decision. It does not constitute a personal recommendation. Investors' capital is at risk. Past performance is not a reliable indicator of future results. AshGrove Capital LLP is authorised and regulated by the Financial Conduct Authority (FRN: 829447). AshGrove Capital LLP is incorporated in the UK, and the registered office is at 12 Little Portland Street, London, W1W 8BJ. This post is intended solely for Institutional Investors and Professional Clients. It is not intended for, nor should it be relied on by Retail Clients. For full regulatory disclosures and important information, please refer to Terms of service — AshGrove Capital