Onfido, a London-based identity verification service, announced it has raised $50 million in funding. Including this round, Onfido has raised over $100 million. This round of funding was led by SBI Investment and Salesforce Ventures. M12 (formerly Microsoft Ventures), FinVC and several others also participated in this round.
“We’re seeing new data breaches occur every day, resulting in millions of people’s private data ending up on the dark web,” said Onfido CEO and co-founder Husayn Kassai in a statement. “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.”
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 also participated in this round. And former Salesforce Chief Sales Officer and Vice Chairman Frank van Veenendaal are also joining Onfido’s board of directors.
“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,” added 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.”
With Onfido’s AI-powered identity verification, anyone will be able to access a host of online services in a matter of seconds from the biggest names in financial services, transportation, online marketplaces, gambling, etc.