Onfido is a new start-up that provides online identity management for services such as banking, has raised $30 million in total including funding from Microsoft among the investors.
U.K Based Onfido helps other businesses to verify people identity online. For example, a banking app may ask a user to a picture of his government identity document or card and then take his selfie. Onfido’s software will match selfie and identity document to verify the user.
Husayn Kassai, CEO of Onfido, told CNBC by phone “The world is moving online but the means by which you carry out identify verification is stuck in time in an offline world”. He further explains that his company is trying to fill the gap between market.
Talking about funds, Kassais told that company will use and invest fund in technology, research and development. Company also aims to set his targets in new markets. Explaining opportunities he said.
“We have had lots of interest in Latin America and the Far East, we will use this for expansion into those areas,”
To date, Onfido has raised $60 Million. In April 2016, they raised $25 million funding round. Crane venture partners- A new venture capital firm led the funding round. Late Microsoft Ventures also joined with existing investors. Sales force ventures are also among participants.
So far, 1500 companies are on board who have or who want to invest in Onfido. Majority of investing companies are from financial technology of fintech space. Speaking about clients, Kassai told that Compnies like Square and Revolut are among clients who use Onfido.