171% year-over-year Q2 growth in sales, key business wins and partnerships evidence continued momentum for identity verification leader
SAN FRANCISCO–(BUSINESS WIRE)–#identityverification–Onfido, the global identity verification provider, today announced a quarter-on-quarter growth of 171%. The significant revenue growth, coupled with notable client wins, key leadership appointments and sustained industry recognition signal continued scale and growth for the company into the second half of the year. Additionally, new strategic partnerships reveal the company’s expertise and perspective is sought in defining conversations and projects that will shape the future of decentralized or re-usable identity services that will be instrumental to a wide range of applications.
“Our core identity verification business is continuing to meet and exceed the market need for a highly-effective yet low-friction verification service,” said Husayn Kassai, CEO and co-founder of Onfido. “Equally important is where the market is heading and we continue to be actively engaged with a range of stakeholders who are defining the future of reusable online identities with priority on re-establishing trust and increasing access for all.”
Recent highlights include:
- Gimena Diaz, General Manager, France – Formerly director and general manager of PayPal France, with board and leadership experience with the UN Women French National Committee and Paris Business Angels (venture capital and private equity), she has joined Onfido to direct the company’s operations in France and help expand its European operations.
- Angela O’Connell, Vice President, Marketing – Prior to holding marketing director positions at several startups, she spent over 8 years at Google and YouTube where she headed up marketing for its buyside platform and repositioned the YouTube value proposition across EMEA. She has joined Onfido to head up the global marketing team and lead the company’s go-to-market strategy.
- Laura Coffey, Director of Policy & Strategic Accounts – Formerly part of the Prime Minister’s Delivery and Strategy Units under the Blair and Brown administrations respectively, She served as deputy director of digital for the Cabinet Office under the Coalition administration before spending time in UK retail banking where she was part of the team that launched TSB. She has joined Onfido to lead work on the future of identity.
- Currencies Direct – With over 250,000 customers making international payments in over 40 currencies, Onfido’s IDV will enable rapid onboarding, while satisfying KYC and AML requirements.
- MoneyNetint – Onfido will improve the security verification and KYC processes of this borderless e-payment firm, to help and enhance online security procedures.
- Civic – Civic’s blockchain identity-verification technology solutions include automated retail, password-less login, decentralized KYC services and token sales. Onfido will power identity verification for its Civic Wallet, available this fall.
- UK Meds – The online pharmacy has integrated Onfido to further strengthen safety measures around the purchasing of prescription-only medicines (POM) online. Onfido’s AI and facial biometrics identity verification solution will help UK Meds in effort to prevent drug misuse, fraud and identity misrepresentation.
- Nuggets – Onfido will verify and onboard users to this blockchain-based digital identity and payments platform, which removes the need to store personal data with 3rd parties.
- Onfido Partner Program – Onfido announced an international partner program to expand the reach of its identity verification service and foster new identity verification use cases. Companies partnering with Onfido include leading cyber security and Identity Access Management (IAM) firms, ForgeRock, IDEMIA, and iovation. Additionally, Visa now joins Salesforce in offering Onfido in its marketplace.
- FIDO Alliance Identity Verification and Binding Working Group (IDWG) – The FIDO Alliance announced that Onfido’s Parker Crockford will co-chair and lead its IDWG working group chartered to define criteria for remote identity verification and develop a certification program and educational materials to support the adoption of that criteria. His co-chair is Rob Carter of Mastercard; other participating organizations include Aetna, Google, Idemia, Lenovo, Microsoft, NTT DOCOMO, Visa Inc., Yahoo! JAPAN and the UK Cabinet Office.
- Digital ID & Authentication Council of Canada (DIACC) – DIACC is committed to developing a Canadian digital identification and authentication framework with the objective to develop a robust, secure, scalable and privacy-enhancing digital identification and authentication ecosystem. Onfido has joined DIACC in effort to help as many organizations as possible pursue decentralized identity models and put them into practice.
- UK Information Commissioner’s Office – Onfido has been selected as an initial participant in the UK ICO’s new data protection/privacy sandbox. Others selected include Heathrow Airport and the Greater London Authority. Onfido will research how to identify and mitigate algorithmic bias in machine learning models used for remote biometric-based identity verification.
- FCA Sandbox – Onfido has been selected as part of three consortia (with Deloitte, Evernym; uPort and Signicat) in a test that is looking to show that consumers can take control over their digital identities and ‘port’ previously verified digital identities across different companies that rely on them to satisfy their customer due diligence and KYC obligations related to identity verification.
- Global Financial Innovation Network – Onfido was selected as one of 8 firms to progress to phase 1 of cross border testing of a proposition to allow consumers to securely control their verified identity Digital ID and share/transfer that verified identity across financial services organizations for the purposes of KYC checks.
- Barclays Supplier Awards 2019 – Onfido won “Innovation of the Year” at the Barclays Supplier Awards and was shortlisted for its “Controls Effectiveness of the Year” award.
- Frost & Sullivan 2019 European Technology Innovation Award – Onfido was given this exclusive award for its industry leading fraud detection rates.
- D/SRUPTION 50 – Onfido named one of the UK’s 50 Most Disruptive Companies.
- Rocket List 2019 – Rocket List selected Onfido for its list of the best fast-growing companies to work for.
- The Top 100 Asian Stars in UK Tech 2019 – Co-founders Husayn Kassai, Eamon Jubbawy and Ruhul Amin named to Top 100 Asian Stars in Tech.
- GrowJo Top 500 Fintech – Onfido was featured as a fastest growing fintech company based on past and future growth.
- BusinessCloud’s London Tech 50 – Onfido ranked #12 in an inaugural list of London’s most exciting technology companies decided by judges and a public poll attracting 2,700 votes.
Request a demo of Onfido’s identity verification technology.
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 (Microsoft) Ventures, and others. With 250 technologists spread across 6 countries, we’ve raised $100m in funding and power verification for 1,500 customers.