Fintech start-up Onfido closes $25m to break the US
VC firms including Wellington Partners have backed Series B round in the Young Gun-founded background checking service
Onfido, the intelligent identity verification service founded by Growing Business Young Guns, has announced today that it has secured a $25m Series B round to “penetrate” the UK and US markets.
Wellington Partners, Idinvest Partners, and Crunchfund were among those that participated in the deal which takes the start-ups total funding to date to over $30m.
See also: Onfido secures $4.5m Series A
Launched in 2012 by young entrepreneurs (all aged under 30) Husayn Kassai, Eamon Jubbawy and Ruhul Amin, London-based Onfido offers a background checking service which promises to verify anyone in any business around the world, withing seconds.
The service verifies an applicant’s identity, right to work and criminal history, and claims to save 60% on traditional methods.
Its ‘next generation’ technology is currently used by over 1,000 businesses including fast-growth companies Handy and Turo.
It intends to use the investment to develop its tech and, more significantly, build on its US presence (it currently has an office in San Francisco) to scale operations having already achieved 40% month-on-month growth in America.
Onfido CEO Kassai commented: “Background checking isn’t new – what has changed is business. Legacy background checks — manual and dependent on a face-to-face meeting — worked for an offline world. Today online companies need a new system that works instantly and remotely.
“[Our] model has made Onfido the leading European provider of background checks to the FinTech and Sharing Economy and its ambition is now to bring this to the world.”
Matthieu Baret, partner at Idinvest Partners, continued:
“Onfido solves a fundamental problem for the digital economy: How do I know somebody is who they claim to be, and can I trust them? This problem persists across sectors and geographies, and Onfido’s solution is the only one that can truly verify identities remotely and at scale.
Find out more about Onfido and its success to date in our Startups 100 index.