Today, Onfido announces its latest $100m funding round, led by TPG, with participation from Talis Capital. The round brings the total raised by the company to $200m.
Founded in 2012, Onfido has become one of the leading trusted experts in identity verification globally. Requiring just a photo of an identity document and a short video of an individual, Onfido uses AI to read these documents, and then uses facial recognition and other datapoints to verify the person. The company counts a number of major banks and government bodies in its 1500-strong customer base.
Over the past eight years, Onfido’s founders have taken the company from a small yet ambitious Oxford University spin-out to an internationally recognised business with offices in Lisbon, London, New Delhi, New York, Paris, San Francisco and Singapore. The company will utilise the latest round of funding to expand its operations and bolster its identity verification technology, which could potentially replace credit bureaus, Facebook logins and other established channels. Onfido is also currently exploring ways to connect digital data of an individual, such as a selfie, to their “biological self” so that those who are deemed immune to the deadly strain of coronavirus no longer have to stay at home.
Talis first backed Onfido’s Series B round in 2016. “Onfido has proved itself to be the only company in the identity verification space that has been able to scale both volume and accuracy processing simultaneously – meaning they can rapidly increase the number of ID checks with an exceptionally high degree of accuracy”, explains Matus Maar, co-founder and Managing Partner at Talis Capital.
“When we first backed Onfido in 2016, it was becoming evident that increasingly more industries would become reliant on online identity verification infrastructure. Fast forward to 2020 and we’ve seen a huge regulation shift that requires companies in every sector to utilise this type of technology to underpin their operations. There is a mandatory demand for these services, as seen by the uptake of the on-demand economy.
“We have had faith in the Onfido team and founders from the moment we invested and through every funding round since then. It’s fantastic to be a part of Onfido’s growth journey, and we’re incredibly excited to see what this next round of funding will enable them to achieve.”
Watch Matus and Hussayn’s fireside chat at Slush 2019, and read the full story on TechCrunch here.