Onfido, a UK tech startup founded by three Oxford University graduates, has raised an undisclosed sum from Salesforce Ventures, Talis Capital and angel investors.
The startup, which has offices in London and San Francisco, provides background checks and ID verification for on-demand service providers and financial institutions.
According to a statement, the money will be used to expand Onfido’s product offering for clients operating in the financial services sector; allowing customers to leverage machine learning-based tech to carry out Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions.
“FinTech innovation is disrupting and reshaping how financial companies operate,” said Husayn Kassai, CEO and co-founder at Onfido. “But traditional ID verification technology is not keeping up. On average, between 30-50 percent of people going through in-person ID verification do not complete the manual onboarding process. Onfido automates KYC/AML to eliminate inefficiencies and improve the experience on both sides of the transaction. We’re pleased to welcome our new investors to advance our superior KYC/AML solution.”
The news comes after the startup closed a $25m Series B funding round in April. At the time, Onfido drew support from Idinvest Partners, Wellington Partners Venture Capital and Crunchfund.
“It’s critical that businesses today can quickly identify fraudsters and other risky actors,” said Matus Maar, partner at Talis Capital.
Maar concluded: “But just as importantly, they must be able to quickly verify those who should be trusted, in order to onboard them without any delay. Onfido is uniquely qualified to apply advanced technology to improve retail finance transactions.”