Onfido grows revenue over 100% year-over-year and reaches more than $100M ARR
Breaks revenue record for the 5th consecutive quarter as company propels to next phase of expansion
SAN FRANCISCO & LONDON–(BUSINESS WIRE)–Onfido, the global identity verification and authentication provider, today announced it has broken its revenue record for the fifth consecutive quarter, with over 100% increase year-over-year in global revenue, ending Q2 2021. The company also surpassed $100M in annual recurring revenue.
This strong momentum was driven by over 200% year-over-year sales growth in the U.S., as well as significant partner program expansions. These included new engagements with Visa and Amazon in the U.S. and cryptocurrency trading platform Phemex, which joins a growing list of leading crypto partners such as Wirex and LocalBitcoins.
As the global economy recovers from COVID-19, real identity is a critical enabler of growth across all industries. Juniper Research forecasts the digital identity verification market to reach $16.7B by 2026, with the total number of identity verification checks more than doubling in 2021 alone.
“Our record growth underscores the continued market demand for identity verification and authentication solutions and we’re delivering to meet that demand,” said Mike Tuchen, CEO of Onfido. “In this thriving digital economy, organizations require strong, flexible security that doesn’t compromise on user experience. Onfido equips organizations with the tools they need to consistently scale to meet these demands – and we’re only getting started.”
Other notable achievements in Q2:
- Launched Onfido Face Authenticate and Enterprise Encryption: Onfido Face Authenticate gives businesses the ability to continuously authenticate their users in a remote setting, without compromising user experience or privacy. New Customer Master Key (CMK) encryption using the AES-256 standard, one of the most secure encryption protocols, adds an additional layer of security for customers’ personal data on top of existing global disk-level encryption.
- Visa Fintech Partner Connect Program: Onfido extends its collaboration with Visa, joining its U.S. Partner Connect program, designed to help Visa’s issuing clients quickly connect with a vetted and trusted identity verification partner.
- Achieved Amazon’s AWS Accelerate ISV certification: a program driving new business and accelerating sales cycles by providing access to millions of active AWS customers looking for robust identity verification and authentication.
- American Association of Motor Vehicle Administrators (AAMVA) Check: provides Onfido customers with additional fraud signals to verify that information submitted on U.S. drivers licenses corresponds to a real driver’s license issued by a DMV, providing another strong signal against synthetic identity fraud.
- Achieved compliance with iBeta Level 1 for Onfido Selfie product: passed testing for compliance to ISO/IEC 30107-3 Level 1 carried out by iBeta Quality Assurance, demonstrating Onfido’s effectiveness against biometric spoof attacks. iBeta is the only NIST NVLAP accredited biometrics testing lab.
- Joined The Tech Zero taskforce: teamed up with over a dozen other U.K. organizations to boost the region’s fight against the climate crisis.
- Strengthened the leadership team with strategic hires: Terry Denzer (Onfido’s former SVP of Sales) was appointed to Chief Revenue Officer; Matt Peake (former Head of Regulatory and Public Policy UK and IE at Verizon) joins the team as Global Director of Public Policy; Phillip Sertel (former Head of HCM Sales at Oracle) will lead Onfido’s DACH & Eastern Europe regions; and Leta Amburgey joins as Global VP and Head of Customer Success (former Head of Customer Success at CDW Corporation).
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.