Onfido uses machine learning and facial biometrics to validate a user’s identity as well as fraud detection technology. Verification can be as simple as taking a photo of your ID card or driving license, or simply taking a selfie with your smartphone for facial recognition. Initially used for employee checks, Onfido has now grown to cover a range of e-commerce and online marketplace services.
HOW THEY’RE DISRUPTING
By using machine learning algorithms, the platform is getting smarter and faster. Companies can integrate Onfido to their platforms using API’s to allow quick and easy verifications, creating a smoother user experience that means Onfido can increase conversions by 40%. The process can also cross-reference identities against credit and watch list databases internationally, so companies can give their customers peace of mind that they are protected.
As online services continue to surge, there is an enormous increase in online services requiring ID checks in areas such as digital banking. The growth of this plus smartphone developments means it is estimated that early 160 million devices will be enabled with biometrics for banking transactions by the year 2020.
INVESTMENTS AND FUTURE
Onfido are already carrying out checks and verification in 192 countries for 1,500 businesses. In September 2017, they raised Series C funding of $30M led by Crane Venture Partners bringing their total investment to $60.3M with the likes of Microsoft Ventures. They used the most recent investment to expand to the US.