Hot UK startup Onfido lands $30m Series C to break into new markets
Onfido has raised a $30m (£22m) Series C led by Crane, bringing its total funding raised to date to over $60m.
The ID verification and background checking provider also drew support from Microsoft Ventures, Salesforce Ventures and other existing investors.
It comes after the London-based firm closed a $25m Series B last year, raising from investors including Idinvest Partners and Wellington Partners.
Onfido will use the new funds to grow in international markets and break into new industries.
The company will also invest in its proprietary machine learning technology.
Husayn Kassai, CEO and co-founder of Onfido, said: “The world is moving online, but the means to carry out identity verification is frozen in time in an offline world. Millions of people who don’t have a credit history – or just have a thin one – are unable to access everyday services. With our identity verification technology, those underserved people can access online services they need, and businesses can gain access to a whole new group of trusted customers.”
He continued: “Just as money was required to oil the wheels of commerce in previous centuries, your legal identity is pivotal to enable transactions as we move to a digital world. As identity verification technology continues to evolve, it will become the key to remotely unlocking a huge range of products globally, from banking and travel services through to voting and healthcare.”
Headquartered in the UK, Onfido has offices in San Francisco, New York, Lisbon and New Delhi.
Founded in 2012, the company now employs 150 people.
Scott Sage, partner at Crane, commented: “We invest in companies that have an ‘unfair advantage’ in data. Onfido has proven itself with incredible traction in Europe and strong demand in the US for its identity verification technology today.
“Onfido has one of the strongest machine learning teams we’ve come across from all over Europe, and we’re excited to see how they continue to combine data, image verification and fraud prevention technologies to enable businesses to scale efficiently and safely.”
Itxaso del Palacio, investment partner at Microsoft Ventures also spoke about his decision to back the scaleup.
“Onfido’s reliable and scalable intelligent services are helping millions of unbanked people worldwide access financial services by allowing them to open bank accounts, be verified for a job and more with the touch of a button. We’re proud to support its efforts with our investment.”
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