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Onfido to develop identity verification system with AI, raises $50 million

Onfido

With the participation of SoftBank Investment Salesforce Ventures, Onfido raised $50 million in its funding round. The investors also included FinVC and M12. After this funding, the total venture capital raised by the company totals up to upwards of $100 million.

The company announced the results of the funding today, saying that it would be used to finance the development of its products. Besides that, the company also plans to expand in Europe and Southeast Asia.

Husayn Kassai, CEO of the global identity verification provider, said in a statement that the cybersecurity is the need of the hour as the incidents of data breaches have flooded the internet. He claims that with the funding raised in the latest round, the company would be able to work towards securing more businesses around the globe.

The company started its journey back in 2012. It aims to use artificial intelligence in the process of screening of new employees at all the stages of hiring and selection. Initially, these screening procedures were conducted manually, which made human errors quite prevalent.

Onfido uses a selfie, passport, driver’s license, identity card are various other forms of identification in order to conduct a background check of the subject. In addition to that, it also makes them follow on-screen instructions to check liveness. The company claims that its checking procedures are adjusted to the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Onfido said that it employs more than 250 people in total. Its offices are located in various cities around the globe including San Francisco, New York, Lisbon, Delhi and Singapore.

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