Onfido Named to 2021 CB Insights Fintech 250 List of Top Fintech Startups for Fourth Year Running
Onfido honored for achievements in Identity Verification and Authentication for regulatory compliance
SAN FRANCISCO–(BUSINESS WIRE)–CB Insights today named Onfido to its fourth annual Fintech 250 for the fourth year running. Fintech 250 is a prestigious list of emerging private companies working on groundbreaking financial technology. This year’s list, which also included 20 Onfido customers, was unveiled on stage at CB Insights’ Future of Fintech conference in New York City.
Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of over 17,000 companies, including applicants and nominees. They were chosen based on several factors, including data submitted by the companies, company business models and momentum in the market, as well as Mosaic scores, CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.
“This is the fourth class of the Fintech 250, and it’s also the most international, representing 26 countries. These 250 fintech startups are attacking an incredibly diverse array of financial services opportunities across 19 sectors, including digital banking, insurance, payroll, retail investing, and more,” said CB Insights CEO Anand Sanwal. “After being named to the CB Insights Fintech 250 last year, the 2020 class saw 17 companies go public and 25 get acquired. They also went on to raise over $25B in additional financing and forged more than 380 new partnerships after being recognized. The Fintech 250 has a history of spotlighting the very best fintech companies, and this year is no different. We’re excited to see how these fintech startups disrupt and transform financial services in the years ahead.”
“As financial services companies accelerate their move to digital, they need to be able to quickly and easily identify and authenticate customers in a remote setting without compromising user experience,” said Mike Tuchen, CEO of Onfido. “Onfido’s AI-powered Real Identity Platform means businesses can verify, validate and authenticate their customers, enabling secure and fair digital access to create a more open digital world. We’re excited to be recognized once again by CB Insights as one of the fastest growing fintech companies.”
This recognition comes in the wake of Onfido’s fifth straight revenue record ending Q2 2021, representing a 100% increase in global sales and reaching $100M in ARR. The significant growth was fueled by increased demand in the United States–where Onfido grew its year-over-year sales by 264%–as organizations accelerated their digital transformation plans.
With just a photo of an identity document and a selfie video, anyone can access a host of digital services in a matter of seconds from some of the biggest names in financial services, transportation, healthcare, gambling and other industries—all fueled by Onfido’s AI-powered identity verification and authentication. To see Onfido’s award-winning product in action, sign up for a live demo here.
Fintech 250 2021: Investment Highlights
- Unicorns: 118 of the 250 companies (47%) are valued at or above $1B as of their latest funding round
- Funding trends: In 2021 year-to-date (YTD), these 250 private companies have raised $40.3B in equity funding across 275 deals (as of 9/14/21)
- Mega-rounds: Since 2020, there have been 178 mega-round ($100M+) equity investments to this year’s Fintech 250, with 138 of them in 2021 YTD
- Global representation: 36% of the 2021 Fintech 250 are based outside the US. After the US, the UK is home to the most Fintech 250 companies (25), followed by India (12). This year’s winners are based in 26 countries, including France, Brazil, Germany, Indonesia, and Nigeria.
- Top VC investor: Ribbit Capital is the most active investor in this year’s Fintech 250 companies, having invested in 62 deals since 2016. Since 2019, Ribbit has participated in 41 deals with this cohort of companies, including Nubank, Uala, Brex, Vouch, Razorpay, and BharatPe. Tiger Global Management and Accel were close behind with 57 and 55 deals, respectively.
About CB Insights
CB Insights builds software that enables the world’s best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.
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 verify their users 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, Idinvest Partners, Crane Venture Partners, Salesforce Ventures, M12 – Microsoft’s venture fund, and others. Onfido has raised $200m in funding, and with over 500 team members across eight countries, is enabling digital access for some of the largest companies around the world.