Onfido user identity verification service received $ 25 million investment

A startup to verify Onfido's identity recently received a $ 25 million investment from Idinvest Partners, Wellington Partners and CrunchFund funds. Investments will help Onfido to scale in the market of the United States and other countries - before that, the company raised more than $ 5 million. Of these, the company received $ 4.5 million in the A-round last February.



Startup Onfido was founded in 2012 by graduates of Oxford University. It is based on machine learning technology designed to simplify screening people when hiring employees or entering into partnerships. Due to the simplified approach, the Onfido client can check any person for any previous convictions, driving fines and other similar incidents.

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“Testing people before starting work with them is not new. In this area, an outdated approach is used - manual verification, which largely depends on personal meetings suitable for offline companies in the past. In today's world, companies should receive feedback instantly.



Trust is a new currency. This is especially true for the co-consumption model when you need to know everything about customers. Only after the initial verification of identity can we be sure that we have insured ourselves against fraud by stealing personal data, ”says Husayn Kassay, head of Onfido.

Currently, Onfido has more than 1,000 customers from various fields. Services based on the joint consumption model - BlaBlaCar, Turo, Handy and a number of others remain among the main customers. Fintech startups occupy an important place in this list, and after the bankruptcy of one of the main competitors in the face of Jumio, the company is going to actively explore the possibility of partnership with Airbnb.



According to Onfido, the company's revenue has increased by 40% in recent months, but this data is not supported by specific figures. Therefore, it is too early to build assumptions about the viability of such an idea. Nevertheless, verification of identity in the services of Airbnb, BlaBlaCar and several others significantly reduces the risks for other users, which has a positive impact on their development. Namely, this may be interesting to new potential customers of similar services.