Identity startup Onfido closes a further $50m of funding
Identity startup Onfido has closed a further $50m in funding to bring the total funding to $110.3m. This round of funding is fronted by SoftBank, Salesforce and M12 Capital (formerly Microsoft Ventres), Plug and Play and Augmentum Fintech.
Onfido was founded in 2012 by Husayn Kassai, Eamon Jubbawy and Rahul Amin and now has over 1500 customers across 250 countries. The company has offices in London, San Francisco, New York, Lisbon, Paris, New Delhi and Singapore.
The company focuses on usability to minimise friction. The solution assesses whether a user’s government issued ID is genuine and compares a selfie against the document image to authenticate the user.
The facial recognition solution, can be either fully automated using AI technology to assess facial biometrics or a hybrid solution that uses human fraud detection experts as well as artificial intelligence to achieve higher pass rates and greater accuracy.
Since the companies inception, in 2012 with an initial round of founding of $300k the business has grown from strength to strength and performed tens of millions of checks against it’s document checking service.
The 5th EU Anti-Money Laundering directive states that customer due diligence must include identification and verification of customers, which must be based on documents, data or information from a reliable and independent source. The proposed amendment in the 5th EU AML directive now states that where available, this should also include electronic identification means that been approved by national authorities. The type of service offered by Onfido will allow companies to offer onboarding processes that offer much more convenience to users.
About Onfido
Onfido is a technology company that provides identity verification and background check services to businesses. The company was founded in 2012 and is headquartered in London, with offices in several other countries around the world. Onfido uses artificial intelligence and machine learning to automate identity verification processes and help businesses verify the identity of their customers or employees. The company’s services are used by a range of businesses in various industries, including financial services, ride-sharing, and online marketplaces. Onfido is known for its innovative approach to identity verification and has received numerous awards and accolades for its work in the field.