Identity verification startup Onfido raises $100 million in new funding
Identity verification startup Onfido has raised $100 million in a new round of funding led by TPG Growth it was announced on Crunchbase on 15th April 2020. The company uses artificial intelligence to analyse a person’s facial biometrics and compare it to government-issued IDs to verify his or her identity. Founded in 2012 by Eamon Jubbawy, Husayn Kassai and Ruhul Amin, Onfido has raised a total of $182.1M in funding over 10 rounds.
About Onfido
Onfido provides an identity verification platform that leverages artificial intelligence to analyze a person’s facial biometrics and compare it to government-issued IDs to verify identity. Customers include Revolut, Zipcar and Bitstamp, among many others. Identity underpins all transactions, and over the coming years, access to everything will be based on every user’s ability to easily and securely prove their legal identity.
In February 2020, Onfido announced a year-over-year growth of 130%. The significant revenue growth, coupled with its first US acquisition, key leadership appointments and sustained industry recognition, signal continued scale and growth for the company as it focuses on widening access to digital services in 2020.
The company has also amassed significant accolade, including:
- FinTech 50 – recognized as #1 tech innovator by FinTech50, Onfido was selected from over 2,000 fintechs across Europe by experts from Standard Chartered, UBS, Mastercard, Barclays, HSBC, J.P. Morgan, ING, and Stripe.
- Deloitte’s Technology Fast 50 – ranked 6th in the FinTech sector and 10th overall in this exclusive list of fastest growing companies with a four-year growth rate of 2,855%.
- Business Insider, Tech 100 – Onfido’s founders are recognized as the 18th most important and influential people in tech, building the next AI Unicorn.
- Sunday Times TechTrack – Onfido was placed 8th on this list of the 100 fastest growing tech companies, with an average 3-year growth rate of 209.15%.
- Juniper Research’s, FinTech Mover and Shaker of the Year – awarded to Husayn Kassai, Onfido’s CEO and co-founder, as a primary decision-maker at the heart of the identity ecosystem.
For further information visit https://onfido.com/index.html
About TPG
TPG Growth was founded in 2007 to specialize in growth equity and middle-market buyout opportunities. Taking a long-term and hands-on approach to partnership, it identifies unique companies across the U.S., Europe, Africa, and Asia and helps them achieve their full potential. TPG Growth can assist at all stages of a company’s growth, from its inception to its international expansion, by drawing on its geography-specific experience and expert global operational resources from the TPG platforms. TPG Growth manages more than $14.5 billion in assets across a variety of sectors including media, technology, and industrials.
For further information visit https://www.tpg.com/platforms/tpggrowth
