Onfido raises a further $100m

Onfido the AI-based ID verification company raises a further $100m led by TPG. Onfido provides a different method for authenticating identity documents, using an artificial intelligence the company uses deep learning to determine whether the presented document is fraudulent or real. Other companies providing document verification rely on templates, where the presented document is compared against a template for the document type.

Onfido plans to use the latest investment in a few ways, firstly to expand it’s existing business, which saw growth of 130% in the last financial year. The second is to fulfil an ambition of building an identity verification layer of the internet to replace other established methods such as credit bureaus. Lastly the company will look to expand into some new use cases such as virtual voting, passport/visa applications.

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.