Partisia Applications ApS Due Diligence

Run due diligence on Partisia Applications ApS: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Partisia Group ApS (Denmark) · www.partisia.com · 10 vendors

Partisia Applications ApS is a Danish company that builds decentralized identity infrastructure using applied cryptography, including Multi-Party Computation (MPC) and zero-knowledge proofs. Their platform enables organisations to verify digital credentials — such as age, residency, and professional status — without collecting or storing underlying personal data. Spun out of Aarhus University research, their products include VisitorPass, AgeVerify, and Credential APIs, all built to eIDAS 2.0 standards.

Resilience scores

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Insights

Last updated 2026-09-14 · revision 7

10 direct vendors, 168 subvendors

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Subvendors by controlling owner country (sample)

Compliance

10 in-scope frameworks identified; showing 3.

MiCA — No public evidence

The company develops technology for the Partisia Blockchain, an ecosystem that supports digital assets and wallets. [6, 28] This positions it as a key technology provider to potential Crypto-Asset Service Providers (CASPs) who are directly regulated by MiCA.

Evidence: https://growjo.com/company/Partisia, https://thehub.io/startups/partisia-1, https://app.tokenomics.com/tokenomics/partisia, https://medium.com/@globalstatecap/partisia-blockchain-2a9d142b2b70, https://www.google.com/sorry/index?continue=https://www.youtube.com/watch%3Fv%3DnuBPO7gfI7s&q=EhAqBdAUBhsnC1NwBBiM39pHGKSroNUGIjBoYinQ2EF4pKQn8FwEeVM8l0Mbew2dUL5FPZMu821FzQOLNGB5ADN67Uu3fFOLvXsyAnJSWgFD, https://practiceguides.chambers.com/practice-guides/comparison/1463/17627/27659-27661-27665-27668-27676-27679

EU AI Act (source) — No public evidence

The company develops systems for identity verification, which may use AI and could be classified as 'high-risk' under the EU AI Act, particularly if they involve biometric identification. [5, 25, 31]

Evidence: https://www.partisia.com/technology/, https://digitalplatformer.co.jp/en/started-a-business-alliance-with-partisia/, https://www.europarl.europa.eu/topics/en/article/20230601STO93804/eu-ai-act-first-regulation-on-artificial-intelligence, https://digital.nemko.com/regulations/eu-ai-act

Danish Anti-Money Laundering Act — No public evidence

The company provides technology to the financial sector and for blockchain applications, which are areas of high focus for AML/CFT regulation. [17, 27] Direct obligations would depend on whether it is considered a provider of services subject to the Act.

Evidence: https://practiceguides.chambers.com/practice-guides/comparison/1463/17627/27659-27661-27665-27668-27676-27679, https://www.sheepy.com/support/country-guides-denmark, https://iclg.com/practice-areas/fintech-laws-and-regulations/denmark/

Financials

Three-year financials

Financial Resilience Score: 3/10

Partisia Applications ApS has experienced a severe financial deterioration over the past two fiscal years. After a peak performance in FY2023 (gross profit DKK 34.8M, EBIT DKK 14.6M, equity DKK 31.0M), the company swung to a loss in FY2024 and saw gross profit collapse by 96% to just DKK 1.00M in FY2025, with EBIT losses widening to -DKK 37.4M. Equity has been almost entirely consumed, falling roughly 92% from DKK 31.0M to DKK 2.54M in two years. At the current loss run-rate, the company would face negative equity within months absent recapitalisation or a sharp operational turnaround. Offsetting these acute concerns, Partisia has a strong technical moat rooted in decades of MPC research at Aarhus University, non-dilutive EU funding via the EIC Accelerator (Horizon Europe), and strategic tailwinds from the EU Digital Identity Wallet rollout under eIDAS 2.0. Recent partnerships with TOPPAN Edge (Japan) and Vitani, along with a product pivot toward packaged identity solutions (VisitorPass, AgeVerify), suggest the elevated cost base reflects investment ahead of an anticipated 2026+ demand wave. However, the group has no external VC investors—relying on soft funding only—which narrows recapitalisation options. Revenue opacity (turnover not disclosed) further limits external assessment.

Key strengths: Deep technical moat in MPC/cryptography from Aarhus University spin-out heritage, Regulatory tailwind from EU eIDAS 2.0 and EUDI Wallet rollout from end of 2026, Non-dilutive EU funding via EIC Accelerator (Horizon Europe), Strategic partnerships with TOPPAN Edge (Japan/OIST) and Vitani, Pioneer status in commercial MPC since 2008

Risk factors: Equity eroded ~92% in two years (DKK 31.0M to DKK 2.54M), near-negative territory, Gross profit collapsed 96% YoY in FY2025 to just DKK 1.00M, EBIT loss widened to -DKK 37.4M in FY2025, Revenue not disclosed, limiting transparency for stakeholders, Cost base out of step with income; headcount grew from 28 to 50 as gross profit fell, No external VC investors—reliant on soft funding only, limiting recap options, Market timing risk tied to EUDI wallet rollout materialising on schedule

Workforce by country

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