Onfido Doubles VC Funding in Latest Round

“With this new funding, we can protect more businesses, in more countries—and in more ways—from the effects of fraud,” – Husayn Kassai, CEO, Onfido

Onfido has raised $50 million in its latest round of investor funding, led by SBI Investment and Salesforce Ventures. Other contributors to the round included M12 (formerly Microsoft Ventures), FinVC, and previous investors.

Concurrently, the former Chief Sales Officer and Vice Chairman of Salesforce, Frank van Veenendaal, has joined Onfido’s board of directors.

The doubling of Onfido’s investment capital reflects the company’s remarkable growth trajectory over recent months thanks to excitement over its selfie-driven biometric authentication and onboarding solution. The company has reported a 342 percent jump in year-over-year sales, and recently announced a new Paris office as part of a larger global expansion.

And beyond those more tangible business developments, the company has also seen a rising profile in the authentication industry thanks to its work leading an ID fraud training course for INTERPOL, and its recent membership to the FIDO Alliance Board of Directors.

In a statement announcing the new funding, Onfido indicated that it will use the capital to “consolidate its core market in the USA, accelerate its expansion into high-growth regions including Europe and South-East Asia,” and for “advancing product development.”

“With this new funding, we can protect more businesses, in more countries—and in more ways—from the effects of fraud,” commented Onfido CEO and co-founder Husayn Kassai. “We’ll also be able to expand the reach of our technology, so that people without a credit history can finally access the online services they badly need.”

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April 3, 2019 – by Alex Perala