back Back

Onfido sees record adoption of its ID verification technology with 264% Y-o-Y US growth

By Pavithra R

July 13, 2020

Share

Husayn Kassai, co-founder and chief executive officer, Onfido

Onfido, creating new identity standard for the internet has announced strong quarter-over-quarter growth in sales ending 30th June 2020, representing a 40% increase in global sales over the same quarter last year.

The U.S. is the major contributor to the growth and has increased its sale by 264% as organisations accelerate their digital transformation plans. In the first half of 2020, 69% of Onfido’s global sales came from new customers, with 22% of its total sales driven by the channel.

The firm recognised the increased demand for its fast and secure digital access when physical access has beenchallenged by the COVID-19 outbreak. Digital remittances increased by 1.3x week on week during the first month of the lockdown period; paid and volunteer worker verifications needed to help with relief efforts increased 6x and online healthcare volumes increased by 4x .

“It’s been another breakout quarter for Onfido as we see the US market taking off. Companies realise the time to enable their digital services is now, making it imperative they can remotely identify and authenticate users safely and securely and in a way that doesn’t restrict their ability to scale or impede user experience. We’re excited to help companies transform their customer experiences not just at onboarding but throughout the entire customer journey,” said Husayn Kassai, CEO and co-founder of Onfido.

Recent highlights include:

Business Wins / Partnerships:

  •  Okta – the leading independent provider of identity for the enterprise, integrated Onfido’s combined Digital Registration, Identity Verification and authentication solutions with its identity platform.
  • CoinDCX – India’s cryptocurrency exchange partnered with Onfido to digitally automate its entire KYC process.
  • WorldRemit partnered with Onfido to make account opening and money transfer seamless for customers.
  • Scrive – a trusted eSignature and document management company partnered with Onfido to provide global coverage for performing secure online identity checks.
  • SalaryDost – a India’s leading digital consumer lending platform partnered with Onfido to provide identity verification with real-time live video checks to verify users and for a robust Know Your Customer (KYC) solution.
  • Neeyamo – a trusted global screening solution provider, which provides background screening services across 190+ countries, partnered with Onfido to remotely verify candidate identities with substantially reduced turnaround time and frictionless user experience.

Product:

  • Document Fraud improvements – Enhancements to Onfido’s ID Document Fraud algorithms, improving the ability to auto-detect doctored identity documents and sophisticated fakes.
  • Accessibility enhancements – Enhancements to Onfido’s Software Development Kit focused on enabling people with disabilities and impairments to connect to more businesses and services remotely.
  • Latin character support – support for extraction of extended Latin characters, including accents and diacritics.
  • Real ID support – classification of U.S. drivers licenses and identity documents for the US travel industry.
  • React Native SDK – provides a seamless SDK integration experience for customers using React Native as their mobile app development framework.
  • ICO Sandbox – The Information Commissioner’s Office published a report highlighting the progress 6 months into the privacy sandbox where Onfido is participating with 9 other organisations including London’s Heathrow and Greater London Authority.

Projects:

  • Portable Identity – completed portable identity pilot with Deloitte, Evernym and UK’s Financial Conduct Authority (FCA)
  • Assistance for essential services – provided identity verification support for essential services during the pandemic
  • SideHide – hotel booking platform partnered with Onfido to integrate Immunity Passport implementations, helping to get the travel industry on track

Founded in 2012, California based Onfido is the new standard for digital access. Its AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. Onfido also received recognition in CogX Awards, InfoSec 2020 CyberDefence, CB Insights AI 100, SC Europe Awards, and Enterprise Management 360 in 2020.

Previous Article

July 13, 2020

SIA & AEP develop contactless card payments for Turin’s transport system

Read More
Next Article

July 13, 2020

ThinCats opens CBILS loans for new SME customers

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 05, 2025

Aldermore Bank taps Temenos to modernise business savings

Read More

February 04, 2025

ARIE Finance taps SaaScada to simplify international payments for businesses

Read More

February 04, 2025

Fimple accelerates global expansion with $12m Series A funding

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More