Bulgaria's Evrotrust raises 3.3 mln euro to drive growth

The financing will also go towards developing a new digital identity wallet for users worldwide, reinforcing Evrotrust's position as a frontrunner in the European digital identity market, the company told SeeNews in an emailed statement on Wednesday.

The digital wallet will store personal documents such as identity cards, diplomas and driving licenses, ensuring user privacy and interoperability with EU and US digital infrastructures.

Evrotrust further plans to grow its team by recruiting executives across Europe to support its innovation goals.

The investment comes a few months after the European Commission recognised Evrotrust as a notified electronic identification (eID) scheme, the company said.

Evrotrust's platform offers a comprehensive solution for reusable electronic identification and signing. The company’s services are used by over 1.3 million users from 58 countries and 150 enterprises across 11 countries, including 15 leading European banking institutions.

Sofia-based Silverline Capital provides mezzanine and equity financing solutions to mid-market businesses in Bulgaria, according to its LinkedIn profile. It is financed by the country's Fund of Funds and co-financed by the European Structural and Investment Funds.

($ = 0.9280 euro)