Onfido Revenues Went Up 90 Percent Amid 2021’s Identity Verification Boom

“Our strong year reflects the continued shift towards the critical adoption of digital environments where businesses are adapting to meet their users online.” – Mike Tuchen, CEO, Onfido.

Onfido has issued its latest business update, illustrating an acceleration in the identity verification specialist’s momentum over the last year.

Calling 2021 “a breakthrough year”, the company said that revenues were up 90 percent year-over-year, exceeding $100 million. In the United States market in particular, Onfido saw year-over-year growth of 134 percent.

The numbers reflect the broad and intensifying demand for remote onboarding and authentication solutions, a trend that has led to booming business for leading vendors of biometric solutions, particularly those that revolve around selfie-based facial recognition. For its part, Onfido said that its platform had processed over 100 million identity checks in September, and that this number had increased by 50 percent five months later.

Accordingly, Onfido has boosted its workforce by 50 percent over the past year, bringing it to a staff of 600.

Onfido’s update depicts strong momentum even after the company delivered impressive year-end results for 2020, when Onfido saw increased Annual Recurring Revenue by 82 percent and grew its workforce by 38 percent compared to the year before.

“Our strong year reflects the continued shift towards the critical adoption of digital environments where businesses are adapting to meet their users online,” explained Onfido CEO Mike Tuchen. “With $56bn lost to identity theft in 2020 alone, a fast, simple and secure online journey is imperative when it comes to building customer trust, which is why we are continuing to invest in our workforce, technology, research and development.”

The company’s update also highlighted a number of important business developments from 2021, including Onfido’s acquisition of acoustic liveness pioneer EYN, its launch of the new Face Authenticate solution, and the appointments of several experienced individuals to executive and board roles.

Onfido’s momentum appears to be going strong into 2022, with the company having recently announced that its technology is now being used to verify individuals using India’s Jeevansathi dating platform.

Further analysis of the ongoing ascent of selfie-based onboarding and authentication, meanwhile, can be found in the 2021 FindBiometrics Year in Review Report.

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February 23, 2022 – by Alex Perala