Onfido, a London, UK-based identity verification provider, raised $50M in funding.
The round, which brought total funding raised to date to over $100M, was led by Softbank Investment (SBI) and Salesforce Ventures, with participation from M12 (Microsoft) Ventures, FinVC and others, including existing investors. In conjunction with the funding, Frank van Veenendaal, former Chief Sales Officer and Vice Chairman of Salesforce, joined Onfido’s board.
The company intends to use the funds to consolidate its core market in the USA, accelerate expansion into high-growth regions including Europe and South-East Asia, as well as advance product development.
Led by Husayn Kassai, CEO, Ruhul Amin, and Eamon Jubbawy, Onfido provides an AI-based technology that assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. Its AI-powered identity verification system enables the biggest names in financial services, transportation, online marketplaces & communities, gambling and other industries to allow everyone to get access to a host of online services in a matter of seconds with just a photo of an identity document and a selfie video. It automates checks on over 4,500 document types across 195 countries detecting anomalies automatically, while using human experts to verify outliers.
The company has 250 technologists spread across 6 countries and over 1,500 customers, including industry leaders such as Current, DraftKings, Europcar, Indiegogo, Remitly and Zipcar.