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Identity Verification Provider Onfido Raises $100 Million

Identity verification and authentication provider Onfido today announced the closing of a $100 million funding round that brings the total raised by the company to date to $200 million.

Identity verification and authentication provider Onfido today announced the closing of a $100 million funding round that brings the total raised by the company to date to $200 million.

Founded in 2012 in London, Onfido also has offices in San Francisco, New York, Albuquerque, Lisbon, Paris, New Delhi, Berlin, and Singapore. With 400 employees, the company serves 1,500 companies worldwide.

The company announced a 130% year-over-year growth earlier this year, as well as its first U.S. acquisition (tech company Aviata).

Onfido aims to tackle the threat of identity fraud by helping users access digital services using their real identity. It uses an algorithm that analyzes a photo of government-issued ID and facial biometrics, while leveraging AI to identify fakes.

Securing digital access is of utmost importance at this time, when the current COVID-19 pandemic is making physical access challenging, Onfido argues. The company says it has observed a surge in demand for financial services, online healthcare and verifying volunteers.

The new investment, the company said, will be spent on machine learning technology, to consolidate existing markets, and meet service demand in new geographies.

The funding round was led by U.S. investment firm TPG Growth, which previously backed Netflix, Airbnb, and Uber.

“Over the coming years, we’ll all be able to use our real identity to seamlessly access everything from financial services, online healthcare and trust marketplaces, to self-check-ins at airports, hotels and car rentals,” said Husayn Kassai, CEO and co-founder of Onfido. “The unique combination of strategic capital as well as US-based TPG’s expertise in scaling companies like Uber and Airbnb make this the perfect investment partnership.”

*Correction –  An earlier version of this story said the total funding to date was $180 million. This has been corrected to reflect the correct number of $200 million.

Related: Data Privacy Firm Privitar Raises $80 Million in Series C Funding Round

Related: Bugcrowd Raises $30 Million in Series D Funding Round

Related: IoT Security Firm Ordr Increases Funding to $50 Million

Written By

Ionut Arghire is an international correspondent for SecurityWeek.

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