• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

3v.org

Venture Capital Matters

  • Pitch a Startup
    • Make a Contribution
  • Startup Jobs
  • Market Reports
  • Technologies
    • Technology Events
  • Domain Names for Startups
  • About
    • How to raise venture capital
    • How to raise seed funding from angel investors
    • How private equity and venture capital firms operate
    • What is the difference between private equity and VC funding?
    • What technology trends are considered hot among VC firms?
    • What is elevator pitch?
    • What is startup burn rate?
    • Does failure to launch a startup spell the end of the entrepreneur’s ambitions?
    • How to avoid pitfalls in founding a startup
    • Why do startups fail?
    • What are the traits of successful startup founder?
    • What are startup vanity metrics?
    • Why investing in the next generation of women and diverse entrepreneurs is a crucial part to the success of the tech infrastructure
    • Where are VCs seeing opportunity
    • How do startup valuations work?
    • What is startup accelerator?
    • How to scale an early-stage startup team, how much to pay and how to distribute equity
    • Don’t mix business with friendship: when it comes to building a founding team for a startup, this adage may not always apply
    • What is a social unicorn?
    • Secure Your Startup’s Future: The Importance of Succession Planning
  • Contact

Onfido raises $50M led by SBI Investment and others to create the Identity Verification Standard for Businesses Globally

April 3, 2019 By admin Leave a Comment

Onfido, the global identity verification provider, today announced it has raised $50M in funding, bringing the total investment in the company to over $100M. The round was led by SBI Investment and Salesforce Ventures, with support from M12 (formerly Microsoft Ventures), FinVC and others, including existing investors. Frank van Veenendaal, former Chief Sales Officer and Vice Chairman of Salesforce, joins Onfido’s board. The investment will accelerate Onfido’s goal of using AI to standardize the way businesses verify identities in a scalable and secure way. It will help Onfido consolidate its core market in the USA, accelerate its expansion into high-growth regions including Europe and South-East Asia, as well as advancing product development.

With just a photo of an identity document and a selfie video, anyone can access a host of online services in a matter of seconds from some of the biggest names in financial services, transportation, online marketplaces & communities, gambling and other industries—all fuelled by Onfido’s AI-powered identity verification.

This recent round validates Onfido’s success in creating a multi award-winning AI-powered identity verification platform—one that’s generated a 342% year-over-year sales growth and attracted over 1,500 customers worldwide—including industry leaders such as Current, Drivy, DraftKings, Europcar, Indiegogo, Remitly, and Zipcar. These customers are choosing Onfido over others because of its ability to scale, speed in onboarding, preventing fraud, and biometric technology.

Ability to Scale – Onfido automates checks on over 4,500 document types across 195 countries detecting anomalies automatically, while using human experts to verify outliers. This means customer pass rates don’t suffer as they grow or expand to new regions. If new documents are detected, Onfido’s AI quickly learns them and can continue to handle high volumes, without defaulting to expensive and timely manual operations.

Speed of onboarding – customers can be onboarded in as little as 15 seconds, minimizing drop-off rates while still complying with ‘Know Your Customer’ (KYC) and Anti-Money Laundering (AML) regulations. Cross-platform support, blur & glare detection and customer UX design services all contribute, helping ensure users don’t drop-off during the process.

Fraud prevention – Onfido’s risk engine protects its customers’ bottom lines with fraud exposure rates as little as 0.0195%1. Proprietary anti-fraud technologies such as Onfido’s facial liveness testing, the ability for its AI to detect fakes that a human eye cannot, combined with its experienced document team, help maintain the market’s most robust protection against spoofing attempts.

“4.5 billion records were breached in the first half of 2018, and McKinsey has predicted the identity verification-as-a-service market to hit $20 Billion by 2022. So Onfido is very well placed to solidify its position as the global leader in identity verification,” said Tomoyuki Nii, Executive Officer, SBI Investment. “We chose to invest in Onfido because they have proven their expertise at using artificial intelligence to effectively fight fraud, giving businesses a safe and secure way to scale their businesses online.”

“There has never been a more important time for companies to build trust with their customers by showing they are one step ahead of fraudsters,” said Frank van Veenendaal. “I believe Onfido has the unique opportunity to transform the digital identity market and deliver robust and scalable authentication-as-a-service, similar to how Salesforce transformed customer relationship management.”

“We’re seeing new data breaches occur every day, resulting in millions of people’s private data ending up on the dark web,” said Husayn Kassai, CEO and co-founder, Onfido. “With this new funding, we can protect more businesses, in more countries—and in more ways—from the effects of fraud. We’ll also be able to expand the reach of our technology, so that people without a credit history can finally access the online services they badly need.”

Request a demo of Onfido’s Identity verification technology.

Other investors that took part in this round include: Acequia Capital, Tuesday Capital, Crane Venture Partners, Idinvest Partners, Augmentum Fintech plc, Wellington Partners, Plug & Play Venture Group, B&Y Venture Partners, CreditEase Ventures, TempoCap, and Talis Capital.

About Onfido
Onfido is building the new identity standard for the internet. Our AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely. Our mission is to create a more open world, where identity is the key to access.

Recognized as a global leader in artificial intelligence for identity verification, we’re backed by Salesforce Ventures, SBI Investment, M12 (formerly Microsoft Ventures), as well as angels including: Brent Hoberman (lastminute.com co-founder), Taavet Hinrikus (Transferwise co-founder), Nicolas Brusson (BlaBlaCar co-founder), Greg Marsh (Onefinestay co-founder), Hooman Radfar (AddThis founder) and others. With 240 technologists spread across 6 countries, we’ve raised $100m in funding and power verification for 1,500 customers.

1 Fraud Exposure Rate is calculated by taking the actual industry average fraud rate of 1.5% and multiplying it by the false acceptance rate FAR.

SOURCE Onfido

Related Links
https://onfido.com/

Filed Under: PR

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Market Analysis

The Growing Tin Market: Prospects for Future Demand and Sustainability
Prospects for the Growing Lithium Market in the Coming Years
DevOps and Agile: Integrating Development and Operations
China’s Use of Golden Shares: From Reducing State Role to Quietly Controlling Tech Giants
Why Amazon Acquired One Medical: Disrupting the Healthcare Industry with Technology-Enabled Care
The End of an Era: Why China is No Longer Viable as the World’s Factory
Cloudflare’s FedRAMP authorization opens up a huge market opportunity in the US government sector

Market Research Media

How plunging birthrates threaten national economies
Agile Leadership: Leading Agile Teams for Success
Chinese Brands Reach New Heights of Popularity in the West Amid Growing Political Tensions
Unrestricted Streaming: How VPNs Can Enhance Media Consumption Experience
How the world’s biggest companies have built and defended their moats
Virtual Learning Environments: A Game-Changer in Education?
Streaming video, training, and gaming coming together to form a cohesive and diverse media and entertainment ecosystem

Secondary Sidebar

Technologies

Japan Revamps Chip Strategy, Aims to Triple Sales by 2030
New Cloud Computing Startup Evroc Seeks €3 Billion to Challenge Amazon
Apple Vision Pro Review
IBM announced plans to build its first European quantum data center in Zurich, Switzerland
Hydrogen Technology: The Key to a Sustainable Future for the Cruise and Shipping Industries

Tech Events

GitHub Universe 2023 will be held on November 8-9 in San Francisco, California
Upcoming Technology Events of 2023
Space Symposium 2023, April 17-20, Broadmoor, Colorado Springs, Colorado
The Yugabyte’s third annual Distributed SQL Summit (DSS) Asia, March 28, 2023
NVIDIA GTC, a global conference for the era of AI and the metaverse, March 20-23, 2023

Footer

Recent Posts

  • Venture capital investments in artificial intelligence (AI) growing rapidly
  • African Venture Investment Soars to Record High, Fueled by Tech Startups
  • Pitchly Secures $7 Million Series A Funding for SaaS-Based Data Enablement Solution
  • Agile Project Management: Roles and Responsibilities
  • Candidly, a student debt and savings optimization platform, has raised $20.5 million in a Series B round of financing
  • GameTech Startups Attracting Venture Capital Funding: The Importance of VPN Security
  • Spreetail Secures $208M Funding to Enhance Ecommerce Acceleration Capabilities
  • Metomic secures $20 million in Series A funding to expand its SaaS data security solution in the US
  • The Texas A&M University System is set to create a boom in startups
  • Goose Insurance Services, a Vancouver-based insurance technology company, has recently closed a $4 million Series A funding round

Dossier

Agile Coaching: The Key to Successful Agile Implementation
GameTech 2023, GameDev Conference, March 3, 2023
AI is Disrupting Software: Key Takeaways from Tech Summit 2023
indie Semiconductor has entered into a definitive agreement to purchase GEO Semiconductor
Why UK faces chronic labor shortages

Press Media Release

Webinar: Agile Software Development Metrics and Measurement
VPN Workshop Program Offers Comprehensive Training on VPN Technology
New Technology Job Board Launches to Connect Job Seekers with Top Employers
Media Release: Israelis Protest Proposed Judicial Reforms Amid Knesset Debate
S3H.com to Showcase Cutting-Edge Technology at MWC Barcelona 2023

App Coding

Viral App Ideas to Code for Massive User Engagement
Common Pitfalls in Agile Development and How to Avoid Them
How Much Does It Cost to Build a FinTech App?
The annual GameTech Market 2023 is back and better than ever!
Appy Pie Introduces AI App Generator to Expedite App Development Process

API Coding

Building More Resilient APIs through Negative Testing
API governance is essential for ensuring the secure and reliable use of APIs
How to re-write a legacy API
How to Build API in Next.js
API Hub for Business Allowing Companies to Launch Custom Hubs in Minutes

Copyright © 2022 3v.org

Technologies, Market Analysis & Market Research and Exclusive Domains

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT