The secondary fund behind Estonia's tech ranking just put Veriff back at €1.8 billion

TopTech 2026, the annual valuation of Estonia's 30 most valuable technology companies↗, landed on 30 September with a familiar name back in third: Veriff, at €1.811 billion, behind Wise (€10.981 billion) and Bolt (€7.086 billion) ¹². It is the identity verifier's first mark in the table for two years; its data was "simply not available" to the compilers before ¹. The headlines went to Blackwall, a cyber security firm whose valuation jumped 368 per cent to a €1.03 billion unicorn mark ¹³. The money question is Veriff's.

Nearly five years without a price

Veriff's last priced trade was a $100 million Series C in January 2022↗, at a $1.5 billion valuation, co-led by Tiger Global and Alkeon ⁴. Everyone holding since, from employees to investors Y Combinator, Accel and IVP, has carried a print from another market era ⁴.

The number is a model, not a print

TopTech's rules price a company off its latest round only if that round closed within 12 months; after that the mark comes from an investor's fair-value assessment or a turnover multiple benchmarked against listed peers, and the compilers do not say which they applied ¹. Veriff has not raised on the public record since January 2022 ⁴. The table supplies raw material, a 32 per cent two-year sales CAGR↗ ², but no transaction. The €1.811 billion is a modelled mark, not a price anyone has disclosed paying.

One compiler invests in the paper it prices

The same table says the model's benchmark world is shrinking: the top 30's combined value slipped to €26.4 billion from €27.7 billion, the B2B SaaS cohort fell 32.4 per cent, Wise and Bolt together fell about 15 per cent, and the top five hold 84.6 per cent of everything ¹². One of the ranking's two compilers, Siena Secondary Fund, invests in secondary market technology paper ¹. The house that co-writes these marks trades in what they price.

The category re-priced in cash around it

While Veriff's mark stayed a model, identity security changed hands in real money in the weeks before the table. Socure took $156 million at a $5.2 billion valuation on 27 August↗, a Series E extension led by Summit Partners that included a tender for employee shares; its previous round, $450 million at $4.5 billion, was nearly five years old ⁵. Cyera announced $400 million from Goldman Sachs Alternatives on 22 September↗ at more than $12 billion ⁶⁷. Goldman Sachs (NYSE: GS) appears in both, a participant at Socure and the whole of Cyera's extension ⁵⁶.

Veriff also carries a scar those rivals do not: a late-2025 breach exposed images of government-issued identity documents belonging to about 8,583 Total Wireless customers, and drew class actions ⁴. For a company whose product is guarding exactly those documents, that is the asymmetry a buyer prices.

Only real money settles Veriff's mark

What would settle it is real money at Veriff: a round, a tender, a sale, any of them. Socure's extension shows the template, primary capital plus an employee tender ⁵. Until someone writes such a cheque, Estonia's third-most-valuable technology company is worth exactly what a secondary fund and an M&A adviser say it is worth.