Onfido

Founded in London, Onfido provides virtual identity verification solutions. The company’s technology uses AI to read a person’s identity documents and based on facial recognition verifies if the present online is the same person that claims to be. For example, for online payments Onfido’s technology helps to verify if the person making the transaction is the owner of the document which helps in reducing the use of stolen cards. In order to do so, the payee is required to take a selfie or a short video and submit which is checked for liveness as well. Onfido’s product can be used in different scenarios which requires identity verification such as KYC, driver registration, user onboarding, age verification etc. and is currently being used in many industries such as financial services, gaming, transport, retail, healthcare, and telecommunications. The company also incorporated acoustic face liveness detection technology which uses ultrasound signals via the phone speaker to detect if it is a live person or if someone is trying to impersonate (spoof) through a photo or video replay, through the acquisition of biometric identity verification solutions provider EYN in October 2021. In May 2023, it also acquired digital identity sharing technology developer Airside to expand product offerings.

Onfido has prioritized the US market in its growth strategy and has allocated resources and efforts to drive expansion in the US. In April 2020, the company raised USD 100 million to double its US operations. For the year ending 30 June 2020, a 264% YoY growth was reported for the US market (and total revenue growth of 40% YoY)  driven by high demand for biometric ID verification due to the Covid-19 pandemic. 

In February 2024, Entrust, a provider of  identity-based security software and services, is in discussions to potentially acquire Onfido to integrate the identity verification methods of Onfido, such as AI-driven biometric and document IDV technology, into its range of identity solutions.