Copy link
Increase text size
Decrease text size
Link copied

AI-based platform Onfido raises $100M in equity financing led by TPG

Image by Onfido

Sat, 18 Apr 2020, 04:54 am UTC

Onfido, an AI-based ID verification platform, has raised $100M in equity financing.

The latest investment was spearheaded by TPG Growth. Salesforce Ventures and M12 Capital also participated. The funding brings the company’s total worth to $200 million following a $50 million funding round in April and a $30 million Series C in September 2017.

Onfido uses artificial intelligence (AI) to read a person’s identity documents and uses facial recognition and other datapoints to verify a person’s identity without requiring face-to-face interactions.

“Onfido’s use of AI to develop market-leading tech is extraordinary,” said Mike Zappert Partner of TPG Growth, in a statement obtained by Tech Crunch. “There is enormous demand for secure and simple identity verification and authentication across major sectors and we see Onfido becoming the new standard for digital access. Their team has done a remarkable job in a relatively short period of time, and we look forward to partnering with them to continue their momentum into new use cases and geographies.”

CEO Husayn Kassai said that the money will be used for its global expansion and market penetration in North America. It will also be used to support product R&D.

“Unlike most tech companies, our first investment check was $20,000 back in 2012, and we made that last for a year. One thing that has become apparent as we’ve scaled is that the size of the round matters far less than the size of the problem, and the drive to solve it,” Kassai told VentureBeat via email. “We feel privileged that our view of the world — where users are empowered to prove their real identity in a seamless and secure way — is starting to become the new global standard for digital access.”

Tech Crunch also provided three ways how the money will be used – (1) expand existing business; (2) build a new alternative “identification verification” layer to replace credit bureaus, Facebook logins, and other established channels; and (3) work on a new set of use cases from virtual voting, passport/visa application, and more.

Among the three, the priority is verifying that the people are who they say they are without compromising their privacy and security.

“Identity is broken and needs fixing,” Kassai said. “That’s been a large part of our focus, and as time goes on, our processes in digitisation, privacy and security have been proven out in parallel with how the world is shifting.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.26 15:52:28
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more me on whatsapp :+12067425358 happy new year to you all ............................................................................................................................................................................
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $13,721.10 (+1.29%)
  • Ethereum (ETH) $387.04 (+1.10%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $261.73 (-0.04%)
  • Chainlink (LINK) $11.25 (+1.38%)
  • Bitcoin (BTC) $13,721.10 (+1.29%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.