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Thursday 26 April 2018

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Onfido secures $30m in funding round

Written by Chris Lemmon
28/09/2017

Online identification platform Onfido has raised $30 million in a funding round led by Crane Venture Partners and Microsoft Ventures, with participation from existing investors.

The London-based firm will use the new funds to expand its international reach, particularly in the US and in Europe, as well as further research and development into its machine learning technology. The company now has a 150-strong team across three continents, serving 1,500 businesses globally.

Using AI technology, Onfido validates a user’s identity document and compares it with their facial biometrics. The identity can then be cross-referenced against international credit and watchlist databases.

Eamon Jubbawy, co-founder and COO at Onfido, commented: “We founded Onfido because we realised that our identities were becoming the key to unlocking access to online services. We’ve all had to jump through arcane, outdated processes to sign up for basic services like opening a bank account. The consumer hates it and so does the bank – 40 per cent of people who start opening an account online do not finish the process.

“We are thrilled that Scott Sage, Crane’s co-founder and partner, is joining our board. We have known Scott for many years and we are delighted to have the opportunity to work with him more formally. When it comes to investors who understand software and data at the enterprise level, I can honestly say that there is no one better in Europe than Scott.”



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