NEWS | Onfido ​raises ​$30m

July 19, 2018 Niamh Cassidy

Onfido ​raises ​$30m ​for ​identity ​verification ​that ​helps
millions ​of ​people ​access ​online ​services

- Crane ​leads ​Series ​C ​with ​support ​from ​Microsoft ​Ventures ​and ​current ​investors
- Businesses ​such ​as ​Square, ​Zipcar, ​and ​Revolut ​use ​Onfido’s ​identity ​verification ​to
seamlessly ​onboard ​more ​customers ​and ​scale ​their ​businesses
- New ​funding ​round ​enables ​Onfido’s ​growth ​in ​international ​markets ​and ​new
industries, ​as ​well ​as ​further ​R&D ​in ​machine ​learning ​technology


​Onfido has raised ​$30M ​in ​funding, ​led ​by ​Crane ​Venture ​Partners ​with ​support ​from ​Microsoft Ventures, ​Salesforce ​Ventures ​and ​other ​current ​investors. ​The ​funding ​follows ​a ​Series ​B ​round of ​$25M ​in ​April ​2016, ​allowing ​the ​company ​to ​take ​its ​identity ​verification ​technology ​global.

With ​just ​a ​photo ​of ​an ​identity ​document ​and ​a ​selfie, ​users ​can ​now ​gain ​access ​to ​a ​host ​of
online ​platforms ​such ​as ​Square, ​Zipcar, ​and ​Revolut. ​Onfido’s ​machine ​learning ​technology
enables ​companies ​to ​automate ​checks ​on ​over ​600 ​document ​types ​across ​192 ​countries,
detecting ​anomalies ​automatically, ​and ​using ​human ​experts ​to ​verify ​outliers. ​This ​enables
high-growth ​companies ​to ​rely ​on ​Onfido’s ​identity ​verification ​technology ​as ​they ​scale,
seamlessly ​onboarding ​more ​customers ​while ​reducing ​the ​risk ​of ​fraud.

Husayn ​Kassai, ​CEO ​and ​co-founder ​of ​Onfido, ​stated, ​“The ​world ​is ​moving ​online, ​but ​the
means ​to ​carry ​out ​identity ​verification ​is ​frozen ​in ​time ​in ​an ​offline ​world. ​Millions ​of ​people
who ​don't ​have ​a ​credit ​history ​– ​or ​just ​have ​a ​thin ​one ​– ​are ​unable ​to ​access ​everyday ​services. With ​our ​identity ​verification ​technology, ​those ​underserved ​people ​can ​access ​online ​services they ​need, ​and ​businesses ​can ​gain ​access ​to ​a ​whole ​new ​group ​of ​trusted ​customers.”

Kassai ​continued, ​“Just ​as ​money ​was ​required ​to ​oil ​the ​wheels ​of ​commerce ​in ​previous
centuries, ​your ​legal ​identity ​is ​pivotal ​to ​enable ​transactions ​as ​we ​move ​to ​a ​digital ​world. ​As
identity ​verification ​technology ​continues ​to ​evolve, ​it ​will ​become ​the ​key ​to ​remotely ​unlocking a ​huge ​range ​of ​products ​globally, ​from ​banking ​and ​travel ​services ​through ​to ​voting ​and healthcare.”

This ​latest ​round ​brings ​Onfido’s ​funding ​to ​over ​$60M ​to ​date, ​including ​previous ​investment
from ​Wellington ​Partners, ​Idinvest, ​and ​CrunchFund. The ​new ​funding ​will primarily ​be channeled ​into ​research ​and ​development ​in ​machine ​learning ​technology, ​and ​to ​meet increasing ​customer ​demand ​in ​the ​US ​and ​other ​international ​markets.

Scott ​Sage, ​Partner ​at ​Crane, ​explained, ​“We ​invest ​in ​companies ​that ​have ​an ​‘unfair  advantage’ in ​data. ​Onfido ​has ​proven ​itself ​with ​incredible ​traction ​in ​Europe ​and ​strong ​demand ​in ​the ​US for ​its ​identity ​verification ​technology ​today. ​Onfido ​has ​one ​of ​the ​strongest ​machine ​learning teams ​we’ve ​come ​across ​from ​all ​over ​Europe, ​and ​we’re ​excited ​to ​see ​how ​they ​continue ​to combine ​data, ​image ​verification ​and ​fraud ​prevention ​technologies ​to ​enable ​businesses ​to scale ​efficiently ​and ​safely.”

Onfido, ​headquartered ​in ​London, ​has ​offices ​in ​San ​Francisco, ​New ​York, ​Lisbon ​and ​New ​Delhi. Founded ​in ​2012, ​the ​identity ​verification ​company ​has ​grown ​from ​25 ​to ​150  employees ​in ​just over ​2 ​years, ​while ​growing ​revenue ​5x ​annually ​for ​the ​past ​three ​years.

“Smartphones are pervasive, powerful tools for accelerating the adoption of identity verification processes,” said Itxaso del Palacio, investment partner, Microsoft Ventures. “Onfido’s reliable and scalable intelligent services are helping millions of unbanked people worldwide access financial services by allowing them to open bank accounts, be verified for a job and more with the touch of ​a ​button. ​We’re ​proud ​to ​support ​its ​efforts ​with ​our ​investment.”

"Salesforce ​Ventures ​is ​committed ​to ​investing ​in ​technology ​that ​extends ​our ​intelligent
Customer ​Success ​Platform ​and ​makes ​our ​customers ​even ​more ​successful," ​said ​John Somorjai, ​EVP ​of ​Corporate ​Development ​and ​Salesforce ​Ventures, ​Salesforce. ​"As ​a ​company
applying ​machine ​learning ​to ​identity ​verification, ​Onfido ​is ​a ​prime ​example ​of ​the ​amazing
innovation ​and ​commitment ​to ​customers ​that ​we're ​seeing ​in ​the ​Salesforce ​ecosystem."

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