Onfido receives USD 50 mln from SoftBank, Salesforce, Microsoft and more

Thursday 4 April 2019 10:40 CET | News

Global identity verification company Onfido has received USD 50 million in funding to leverage advances in AI and machine learning to detect and defeat fraud attempts.

The startup uses AI techniques combined with human verifiers to verify people are who they say they are when using digital services. The funding comes on the heels of some very strong growth for the startup, which was founded in London but now operates most of its business out of San Francisco.

The round is being co-led by SoftBank Investment (SBI) and Salesforce Ventures, with M12 (the new name for Microsoft Ventures), FinVC and other unnamed new and previous investors are also participating.

Onfido uses computer vision and a number of other AI-based technologies to verify against some 4,500 different types of identity documents, based on techniques like “facial liveness testing,” to see patterns invisible to the human eye.

In an interview, co-founder and CEO said that more than half of its customers, and most of its new growth, is coming out of the US, according to TechCrunch. Currently the startup has 1,500 businesses as customers, primarily in categories like marketplaces and communities, gaming and financial services, including companies such as Remitly, Zipcar and Europcar.

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Keywords: Onfido, funding, identity verification, digital onboarding, AI, customer onboarding, US, machine learning, facial recognition
Countries: World