AI identity firm raises $30m from backers including Microsoft and Salesforce

Onfido checks your face against international watchlist databases

ID verification company Onfido has raised $30 million in a Series C funding round, with investors including Microsoft Ventures, Salesforce Ventures and Crane Ventures Partners.

Onfido uses machine learning technology to help businesses digitally verify people's identities. It validates a user's identity document, compares it with their facial biometrics and then this can be cross-referenced against international credit and watchlist databases.

Advertisement - Article continues below

Onfido co-founder and COO Eamon Jubbawy said: "We founded Onfido because we realised that our identities were becoming the key to unlocking access to online services. We've all had to jump through arcane, outdated processes to sign up for basic services like opening a bank account. The consumer hates it and so does the bank - 40% of people who start opening an account online don't finish the process.

The company plans to use the money to expand its international reach by building US and European presences and expand its growth in India and Asia-Pacific. It will also use the money to further R&D into its machine learning technology and expand its product and engineering teams.

"Smartphones are pervasive, powerful tools for accelerating the adoption of identity verification processes," said Itxaso del Palacio, investment partner at Microsoft Ventures.

"Onfido's reliable and scalable intelligent services are helping millions of unbanked people worldwide access financial services by allowing them to open bank accounts, be verified for a job and more with the touch of a button. We're proud to support its efforts with our investment."

Advertisement
Advertisement - Article continues below
Advertisement - Article continues below

Jubbawy added: "We're also excited to welcome Microsoft Ventures onto the Onfido team. Building a deep tech company is hard - so Microsoft's technical expertise and global reach will be crucial to helping us scale through the next chapter."

Scott Sage, Crane's co-founder and partner, will also be joining Onfido's board.

The company has 150 team members based across three continents and serves around 1,500 businesses globally. It was founded by three entrepreneurs from Oxford University in 2012.

LinkedIn's co-founder, Reid Hoffman, led a $12.4 million funding round into UK startup hub Entrepreneur First earlier this month. He was joined by Lakestar Capital and the founders of Deepmind.

IT Pro also talked to four UK startups at the start of the month to see what they thought about fundraising, technology and Brexit.

Picture - Onfido's founders, Eamon Jubbawy, Husayn Kassai and Ruhul Amin/Credit: Onfido

Featured Resources

The case for a marketing content hub

Transform your digital marketing to deliver customer expectations

Download now

Fast, flexible and compliant e-signatures for global businesses

Be at the forefront of digital transformation with electronic signatures

Download now

Why CEOS should care about the move to SAP S/4HANA

And how they can accelerate business value

Download now

IT faces new security challenges in the wake of COVID-19

Beat the crisis by learning how to secure your network

Download now
Advertisement

Recommended

Visit/business/policy-legislation/355775/us-rep-bill-johnson-introduces-the-advancing-tech-startups-act
Policy & legislation

US Rep. Bill Johnson introduces the Advancing Tech Startups Act

22 May 2020

Most Popular

Visit/infrastructure/server-storage/355785/dell-emc-poweredge-r7525-review-an-epyc-core-density-to-make
Server & storage

Dell EMC PowerEdge R7525 review: An EPYC core density to make Intel weep

26 May 2020
Visit/infrastructure/network-internet/355792/intel-releases-wi-fi-and-bluetooth-driver-updates-for
Network & Internet

Intel releases Wi-Fi and Bluetooth driver updates for Windows 10

26 May 2020
Visit/operating-systems/microsoft-windows/355781/microsoft-confirms-further-issues-with-troublesome
Microsoft Windows

Microsoft's latest Windows 10 update is causing yet more issues

26 May 2020