Onfido Sees 82% in YoY Q3 Sales Growth, More Than Doubling Net New Customers, Driven by Increased Enterprise Demand for Digital Identity Verification
237% growth in U.S. sales; key partnerships and industry recognition
LONDON & SAN FRANCISCO–(BUSINESS WIRE)–#fraud—Onfido, the global identity verification and authentication provider, today announced it has recorded exceptional Q3 2020 sales results, including an 82% increase in global sales over Q3 2019 and more than doubling sales from net new customers (103 new clients). The significant growth was fueled by new customers switching from other providers, with 237% growth in U.S. sales over the same period.
Onfido digitally proves a user’s real identity using artificial intelligence and human experts. According to Husayn Kassai, CEO and Co-founder of Onfido: “Our mission is to create a more open world, where identity is the key to access. This starts with widening access, creating opportunities for everyone to connect with the services they need and making sure that it’s as inclusive as it can be. We made significant strides over the last quarter to make our product offering not only more conducive to enterprise-level organizations but also fairer when it comes to verifying people from different ethnicities. We believe these changes will only accelerate our growth further.”
Onfido’s strategy of partnering with Identity Access Management (IAM) industry leaders has led to increased demand from enterprise-level customers. This was spearheaded by new deals with ForgeRock’s leading reseller, HubCity Media, as well as deals with Salesforce and Okta customers. Joint marketing activities with leading IAM vendors included an e-voting roundtable with Okta and integration into Auth0’s Marketplace (the leading identity platform for enterprise developers). Onfido’s new Salesforce AppExchange release enables Salesforce customers to easily integrate Onfido’s digital identity verification into their existing workflows.
Identity proofing vendors have a responsibility to make sure everyone has fair and equal access to services. In Q3, Onfido’s FaceMatch algorithm, which establishes proof of identity document (ID) ownership, achieved market-leading accuracy with a 10X improvement on its previous algorithm while being the fairest it has ever been across all ethnicities. The technology was recognized by CogX as the “Best Innovation in Algorithmic Bias”.
Onfido was recently recognized in Gartner’s 2020 Market Guide for Identity Proofing and Affirmation1 as a Representative Vendor, which reported: “Clients are now far more interested in understanding how vendors measure demographic bias, and whether they are working to address it.”
Key Business Wins / Partnership Highlights:
- Alior Bank – a large universal bank in Poland, partnered with Onfido to power fast and user-convenient digital onboarding allowing users to remotely open personal accounts
- Hub City Media – a premier Identity and Access Management (IAM) consultancy and ForgeRock’s 2020 America’s Partner of the Year, partnered with Onfido to resell and distribute Onfido’s identity verification and authentication services
- Deliveroo – the leading online food delivery company, expanded its partnership with Onfido to accelerate its global onboarding process for drivers
- Curve – the banking platform that consolidates multiple cards and accounts into one smart card, partnered with Onfido to speed up, simplify, and unify its Digital Identity and Know Your Customer (KYC) processes
- SwissBorg – leading Swiss wealth management platform, partnered with Onfido to provide a seamless customer onboarding experience while achieving regulatory compliance
- Delfin Health – a leading digital health solutions provider, partnered with Onfido on Klarity, an app that predicts, monitors and tests the health and safety of workforces, without compromising employee privacy
- MyCash – the e-Marketplace and remittance service driving financial inclusion for migrants in Malaysia and Singapore partnered with Onfido for a secure and seamless onboarding experience
- Bondora – one of Europe’s biggest peer-to-peer lending platforms, Onfido partnered to streamline the onboarding and KYC processes to its 125,000 investors across 37 countries
- Voima Gold – a Finnish fintech company that offers gold-backed digital accounts for global clients, Onfido partnered to allow customers to securely buy, sell, and store physical gold
- EstateGuru – the leading pan-european marketplace for property financing and investing, Onfido partnered to automate KYC and AML compliance processes
- £5M Grant – awarded from the Capability and Innovation Fund Pool to focus on advancing identity solutions, improving access to financial services for SMEs to simplify access, promote account switching, and reduce fraud.
- FinTech50 – ranked 1st out of 2,000 on this list of most innovative Fintech companies for the second year running
- CB Insights’s FinTech 250 – placed on this prestigious list of emerging private companies working on groundbreaking financial technology
- CyberSecurity Breakthrough Awards – awarded ‘AI-based Cyber Security Solution of the Year’
- Sunday Times Sage Tech Track 100 – ranked 32 out of 100 on this list of fastest growing private companies
- Deloitte Technology Fast 500 – ranked 46 out of 500 on this list of fastest growing technology companies in Europe
- British Entrepreneur Awards – ‘Young Entrepreneur of the Year’ awarded to Onfido CEO and Co-founder, Husayn Kassai
Request 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 such as Revolut, Zipcar and Bitstamp 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 approximately 400 team members across seven countries, is enabling digital access for some of the largest companies around the world.
1Gartner’s Market Guide for Identity Proofing and Affirmation, Akif Khan, Jonathan Care, 11 September 2020