Private equity firm TPG Growth led the funding round, which takes London- and California-based Onfido's total raised to $200 million
Virtual identity verification startup Onfido has raised $100 million (£80.3 million) in funding.
Private equity firm TPG Growth led the funding round, which takes London- and California-based Onfido’s total funding raised to $200 million (£160.5 million), according to TechCrunch. Microsoft, Salesforce and SBI participated in a previous round.
Onfido plans to continue its expansion, particularly in the US where the startup acquired US systems integrator Aviata and is making senior hires, and build new use cases for its digital verification technology, such as for credit references agencies and social media logins.
Founded in 2012, Onfido uses artificial intelligence to ‘read’ identity documents and facial recognition for verification.
Its technology is being used to meet anti-money laundering and know-your-customer requirements, register drivers, onboard and verify platform users, and detect fraud, across financial services, marketplaces and communities, gaming, transport and retail.
In February, Onfido, announced year-over-year growth of 130%. The startup made significant moves over the previous quarter to accelerate its presence in the enterprise market, attaining SOC-2 compliance, partnering with the digital identity provider ForgeRock, and acquiring Aviata.
Husayn Kassai, chief executive officer and co-founder of Onfido, said in February: “2020 is set to be one of our strongest years yet, as we continue to grow our global presence, attract key talent and roll out Digital Access as a Service to enterprises.”
“We’re also actively preparing for the future, with many of our engagements around reusable online identities entering their next phase of development, putting consumers in control of their legal identity and widening digital access to much needed online services.”