Fueled by key business wins, new $100M funding and key executive hires
LONDON & SAN FRANCISCO--(BUSINESS WIRE)--#KYC--Onfido, the global identity verification and authentication provider, today announced another strong quarter-over-quarter growth in sales ending June 30th, 2020, representing a 40% increase in global sales over the same quarter last year. The significant growth was fueled by increased demand in the United States--where Onfido grew its year-over-year sales by 264%--as organizations accelerate their digital transformation plans.
In the first half of 2020, 69% of Onfido’s global sales came from new customers with 22% of its total sales driven by the channel.
“It’s been another breakout quarter for Onfido as we see the US market taking off,” said Husayn Kassai, CEO and co-founder of Onfido. “Companies realize the time to enable their digital services is now, making it imperative they can remotely identify and authenticate users safely and securely and in a way that doesn’t restrict their ability to scale or impede user experience. We’re excited to help companies transform their customer experiences not just at onboarding but throughout the entire customer journey.”
At a time when physical access has been particularly challenging given the COVID-19 outbreak, Onfido recognized increased demand for its fast and secure digital access. Digital remittances increased by 1.3x week-on-week during the first month of the lockdown period; online healthcare volumes increased by 4x; and paid and volunteer worker verifications needed to help with relief efforts increased 6x.
Recent highlights include:
Business Wins / Partnerships:
- Okta - the leading independent provider of identity for the enterprise integrated Onfido’s combined Digital Registration, Identity Verification and Authentication solutions with its identity platform
- WorldRemit - an international payments company partnered with Onfido to make it easier and quicker for its customers to open an account and send money abroad
- Scrive - a trusted eSignature and document management company partnered with Onfido to provide global coverage for performing secure online identity checks
- SalaryDost - a leading digital consumer lending platform in India partnered with Onfido to provide identity verification with real-time live video checks to verify users and for a robust Know Your Customer (KYC) solution
- Neeyamo - a trusted global screening solution provider, which provides background screening services across 190+ countries, partnered with Onfido to remotely verify candidate identities with substantially reduced turnaround time and frictionless user experience
- CoinDCX - India’s largest and safest cryptocurrency exchange partnered with Onfido to digitally automate its entire KYC process
Product:
- Document Fraud improvements - Enhancements to Onfido’s ID Document Fraud algorithms, improving the ability to auto-detect doctored identity documents and sophisticated fakes
- Accessibility enhancements - Enhancements to Onfido’s Software Development Kit focused on enabling people with disabilities and impairments to connect to more businesses and services remotely
- Real ID support - classification of US drivers licenses and identity documents for the US travel industry
- React Native SDK - provides a seamless SDK integration experience for customers using React Native as their mobile app development framework
- ICO Sandbox - The Information Commissioner’s Office published a report highlighting the progress six months into the privacy sandbox where Onfido is participating with nine other organizations including London’s Heathrow and Greater London Authority
- Latin character support - support for extraction of extended latin characters, including accents and diacritics
Expansion
- TPG Growth - one of the top five largest PE firms globally that helped scale companies such as Uber and Airbnb, led a $100M funding round for Onfido in April
- Employee Headcount - added over 50 team members in the last quarter bringing the total employees worldwide to over 400
- Dan Teodosiu, Chief Technology Officer - formerly an Onfido advisor, Dan brings more than two decades of senior technology leadership experience with medium and large companies including Criteo, Google, and Microsoft (based in Paris)
- Steve Craig, Head of Enterprise Product - formerly Senior Director of Product at Mitek, Steve has held senior roles at HP, Mindera, and Tillster, leading product across mobile and SaaS (based in the US)
- Oliver “Olli” Krebs, General Manager, DACH - having led and been part of world-class sales teams at Cherwell, Dell EMC/RSA and BMC Software, Olli will be responsible for growing and managing Onfido’s revenue in Central Europe (based in Hamburg, Germany)
Projects:
- Portable Identity - successfully completed portable identity pilot with Deloitte, Evernym and UK’s Financial Conduct Authority (FCA)
- SideHide - hotel booking platform partnered with Onfido to integrate one of the world’s first Immunity Passport implementations, helping to get the travel industry moving again
- Assistance for essential services - provided identity verification support for essential services during the COVID-19 pandemic
Recognition:
- CogX Awards - “Best Innovation in Algorithmic Bias Mitigation” and “Outstanding Leader in Accessibility”
- InfoSec 2020 CyberDefence - “Best Next Gen Fraud Prevention Product”
- CB Insights AI 100 - named to the prestigious list of “Most Innovative Artificial Intelligence Startups” for the second year running
- SC Europe Awards - highly commended for “Best Use of Machine Learning”
- Enterprise Management 360 - positioned 1st on its list of top identity verification solutions
Request a demo of Onfido’s award-winning Identity verification technology.
About Onfido
Onfido is the new standard for digital access. The company uses AI to verify any photo ID and then compares it with the person’s facial biometrics. This use of AI means that businesses no longer need to compromise on customer experience, conversion, privacy or security.
Recognised as a global leader in artificial intelligence for identity verification and authentication, Onfido is backed by TPG Growth, Crane Venture Partners, Salesforce Ventures, M12 - Microsoft’s venture fund, and others. With approximately 400 employees spread across seven countries, Onfido has raised $200m in funding and powers digital access for some of the world’s largest companies.
www.linkedin.com/company/onfido/
Contacts
Onfido:
Paul Jarratt
press@onfido.com