Onfido raises USD 100 mln funding round for identity standard

Thursday 16 April 2020 10:05 CET | News

Onfido has announced a new USD 100 million Series D funding round to fuel further machine learning technology development and its geographic expansion.

The company plans to roll out more artificial intelligence models that are part of a ML architecture the company has filed for a patent on. With this funding, Onfido wants to invest in its ML capabilities and efficiencies in a bid to get even better at detecting the bad actors and onboard customers faster. The round was led by TPG Growth, and brings the company to a total investment of USD 200 million. 

Onfido plans to continue its momentum across North America, helped by its recent partnerships with ForgeRock and Okta, and its acquisition of a software engineering company to give it a footprint close to its US-based customers. Onfido will also focus additional resources on its expansion in South East Asia and Europe.

Moreover, the new models Onfido is developing are a Data Monitor capability to differentiate between clear fraud and applications that could be helped by facilitating the captured identity document image, which is the second capability. A Confidence Checkup and Decision Logs follow to recheck the analysis to that point and determine if the system’s decision meet the necessary degree of confidence, and to show problem areas leading to a decision for quality control and auditability.

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Keywords: Onfido, funding round, identity standard, biometrics, ML, AI, bad actors, onboarding, data, monitoring, fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime