Background checking platform Onfido clinches new funding
Startups 100-featured company will use funding to improve its offering for financial services firms
Onfido, the Startups 100-listed online background checking provider, has raised additional funding of an unspecified amount from Salesforce Ventures, Talis Capital and a number of angel investors.
Founded in 2012 by Young Guns Husayn Kassai, Eamon Jubbawy and Ruhul Amin, Startups Awards finalist Onfido automates online background checking and identity verification to make it more efficient and cost effective for companies.
From criminal backgrounds to money laundering history, the start-up helps more than 1,000 clients around the world stay secure and reduce fraud.
Following a $25m Series B round in April, the funding will be used by Onfido to enhance its ‘Know Your Customer’ and anti-money laundering solutions for financial services firms.
Kassai commented: “Fintech innovation is disrupting and reshaping how financial companies operate. But traditional ID verification technology is not keeping up. On average, between 30-50% of people going through in-person ID verification do not complete the manual onboarding process.”
Matus Maar, partner at Talis Capital, said: “It’s critical that businesses today can quickly identify fraudsters and other risky actors […] Onfido is uniquely qualified to apply advanced technology to improve retail finance transactions.”