Onfido Delivers Record Revenue Year for Fiscal 2020
82% increase in global ARR fueled by strong demand from enterprises
LONDON & SAN FRANCISCO–(BUSINESS WIRE)–Onfido, the global identity verification and authentication provider, today announced it has recorded unprecedented growth in 2020. Global annual recurring revenue (ARR) increased by 82% year-over-year. The company more than doubled its sales in the US, which is one of its fastest growing regions. In addition, the company added 320 new clients to its roster, fueled by an acceleration of digital transformation initiatives by enterprises worldwide.
According to Gartner, “69% of boards of directors (BoDs) accelerated their digital business initiatives in the wake of COVID-19 disruptions.”* This, together with a 41% increase in identity fraud, spearheaded the need for greater and more sophisticated remote security measures, in particular identity verification.
“Driven by the global pandemic and the associated shutdowns, digital tools and technologies that enable a touch-free world have enabled us to continue working, shopping, learning, and receiving healthcare,” said Mike Tuchen, CEO of Onfido. “Digital identity verification is at the heart of all of these online services. As a result, in 2020 organizations have accelerated their digital transformation initiatives. This unprecedented drive to digital drove the demand for Onfido verification services to record levels.”
Onfido’s partner ecosystem sales grew 176% year-over-year. Onfido established new strategic category partners in the areas of identity access, orchestration, financial services, and system integration. New ecosystem partners and business wins in 2020 included Visa, Salesforce, SecureKey, Auth0, Okta, and ForgeRock’s leading reseller HubCity Media.
Other notable achievements in 2020:
Onfido increased headcount by 38% YoY, growing its total number of employees to over 400; attracting top talent and more than doubling its headcount in the US. Key appointments included:
- Mike Tuchen appointed as CEO (US-based) – veteran technologist and former CEO of Talend, with an established track record of scaling technology and software businesses globally
- Frank van Veenendaal appointed as Chairman (US-based) – former President and Vice Chairman of Salesforce, credited with rapidly growing Salesforce’s billion-dollar SaaS business
- Secured $100M in funding led by TPG Growth – (backers of Airbnb and Uber) bringing total investment in Onfido to over $200M
Product & Research highlights:
- Onfido’s FaceMatch algorithm – developed in consultation with the U.K.’s Information Commissioner’s Office, achieved market-leading accuracy with a 10X improvement and market leading performance for recognition across all ethnicities.
- Known Faces – automatically flags faces seen before within a customer’s system, preventing sophisticated fraudsters from repeatedly gaining access.
- New accessibility features– SDK accessibility features enable people with disability and impairments to connect to more businesses and services.
- Launched Center of Applied AI – publishes research and articles focused on developing best practices and building high-performance AI and machine learning powered systems.
- SOC 2 Type 2 – achieved certification involving a deep-dive 3rd party audit on how Onfido safeguards customer data, ensuring it meets the highest industry standards.
Key Business Wins:
Industries such as financial services, retail, online gaming, payments and money transfer services rely on Onfido for fighting fraud while offering a seamless customer experience. During 2020, demand for contactless services in these industries soared, leading to key business wins:
- Banking – secured contracts with two of the top ten largest global banks ranked by revenue.
- Payments / Money Transfer – secured contracts with two of the top four ‘Buy Now, Pay Later’ firms in the US and Europe. Won one of the top ten US money transfer services.
- Crypto Exchanges – signed three of the top ten crypto exchanges with a combined market cap of $22B
- Retail Delivery Services – partnered with a top ten global food delivery service to verify the identity of its drivers.
- Online Gaming – became a licensed vendor in ten US states. Secured contracts with two out of the top four online gaming companies in the US ranked by revenue. In Europe, partnered with the largest sportsbook operator, a football focused trading operator and one of the largest online casinos.
Onfido won 14 industry awards in 2020 for its innovations and business leadership around digital identity and featured in 8 analyst reports. Notable ones include:
- FinTech50 – ranked 1st out of 2,000 on this list of most innovative fintech companies for the second year running
- Deloitte Technology Fast 500 – ranked 46 out of 500 on this list of fastest-growing technology companies in Europe
- Sunday Times Sage Tech Track 100 – ranked 32 out of 100 on this list of fastest-growing private companies
- CB Insights’s’ AI 100 – named to the 2020 CB Insights AI 100 list of most innovative Artificial Intelligence startups
- CogX Awards – “Best Innovation in Algorithmic Bias Mitigation” and “Outstanding Leader in Accessibility
- InfoSec Award for Best Next Gen Fraud Prevention Product of the Year’ – awarded by Cyber Defense Magazine
- Gartner’s 2020 Market Guide for Identity Proofing & Affirmation – mentioned as a representative vendor for a second year in a row**
- Forrester’s Wave: Customer Identity & Access Management, Q4 – mentioned as a representative vendor
Watch a demo of Onfido’s award-winning identity verification technology and experience how the company digitally proves a user’s real identity using AI.
Onfido is setting the new standard for digital access. The company digitally proves a user’s real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person’s facial biometrics. This means businesses can see their customers for who they are, without compromising on experience, conversion, privacy or security. That’s how Onfido gives companies the assurance they need to onboard customers remotely and securely.
Recognized as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Crane Venture Partners, Salesforce Ventures, M12 – Microsoft’s venture fund, and others. Onfido has raised $200m in funding, and with 400 team members across seven countries, is enabling digital access for some of the largest companies around the world.
*Gartner Press Release, Gartner Says 69% of Boards of Directors Accelerated Their Digital Business Initiatives Following COVID-19 Disruption, September 2020
**Gartner, Market Guide for Identity Proofing and Affirmation, September 2020