Onfido: Digital ID Verification for Better Customer Experience

If there is one company that has developed something fascinating on the Fintech50 2019 list, it is Onfido. While many companies have centred their solutions around payments and cryptocurrency, Onfido took the route less-explored. Let’s do a quick rundown of this exciting company providing this impressive solution for businesses.

The Onfido Identity Verification Process

onfido verification process

Onfido says its mission is to provide an improved customer experience for businesses using Artificial-Intelligence powered identity verification. Yes, we all know how fraudulent activities have been a menace to individual firms and global institutions. This problem has not cost businesses money but has also affected customers. In 2020, the US recorded a $56 billion loss to identity theft with over 1 million children as victims of fake identity documents. The numbers in the previous years have also not been encouraging.

“Identity is broken, and needs fixing”– Onfido CEO and Co-Founder, Husayn Kassai.

However, Onfido is committed to providing an outstanding solution that curbs this threat. Moreover, the Onfido SDK and Onfido API offers the opportunity for people to use their digital identity as access to everything without worrying about any breach. In some cases, these verifications are contactless. Founded in 2012, Onfido has been able to help over 800 organisations in 195 countries successfully verify their customers’ digital identity without any hassle. With offices in major cities like London, Amsterdam, New York, Paris, and Lisbon, there is no shock that the Onfido service is a part of the Fintech50 that has impacted people around the globe. That said, what other solutions do Onfido offer? Let’s look at them.

  • Swift and protected document verification for individual customer bank account.
  • Biometric analysis to prevent risks of theft and fraud and safeguard customers real identities.
  • AI-powered automation to create and safeguard digital identity.
  • Biometric customer authentication in case of high-value financial transactions
  • Tools to help customers protect their privacy and prevent data breaches.

All these and more are why Onfido has been in the Fintech50 conversation for a while. Now, how did Onfido rise to these heights? Who were the investors who believed in the project? Let’s look at some of the leading investors of the Onfido organisation.

Top Investors in Onfido

onfido investors

To date, Onfido has successfully raised over $188 million. This amount did not take on funding rounds as the company has been involved in 16 funding rounds between 2012 and 2020. The latest one occurred on August 18, 2020. Onfido has over 36 investors, with 10 leading the pack. Let’s look at top organisations that have deeply invested in Onfido.

  • Acequia Capital
  • Augmentum FinTech
  • Capability and Innovation Fund
  • Crane Venture Partners
  • Idinvest Partners
  • Microsoft’s Venture Fund
  • Salesforce Ventures
  • Talis Capital
  • Tuesday Capital
  • TBG Growth

These companies have contributed to Onfido’s rapid growth in the fintech space. Recently, Forbes and Business Insider tipped Onfido to be the next unicorn. The company might be living up to this projected expectation as it acquired Eyn Limited- the smartphone identity verification company. Similarly, Founders Husayn Kassai and Eamon Jubbawy have also been listed among the most influential people in tech by Tech 100. So, having Onfido on the Fintech50 list is a well-deserved one.

How Onfido Helps Businesses Globally

onfido helps business globally

If you missed out on the spectacular services provided by Onfido, then read this part. First, let’s clear the air. Onfido does not just serve financial institutions. The digital identity solution goes way beyond that. So, if you are a transport company or operate in healthcare, your company needs Onfido. Onfido also provides its services to e-commerce, telecommunications, marketplaces, and gaming companies

Onfido ensures that businesses reduce identity theft risk while improving business processes and growth. In addition, the Onfido solution helps to build trust between companies and customers. Businesses can quickly scale with these two significant parts while eliminating manual, insecure verification methods.

To cap it all, Onfido has grown beyond expectations. In 2021, the company surpassed its $100 million year-on-year revenue with over 1.1 billion identity checks since its launch. This number is expected to reach 3.8 billion more users by 2026. With the significant partnerships and improved development from the company’s end, Onfido might achieve this projection, if not exceed it.