Onfido Raises $100 Million Through Latest Funding Round Led By TPG Growth

Onfido, a global identity verification provider, has reportedly secured $100 million through its latest investment round, which was led by TPG Growth. Founded in 2012, Onfido describes itself as the “new identity standard” for the internet. The company reported that its AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent and then compares it against facial biometrics.

Our mission is to create a more open world, where identity is the key to access.”

According to TechCrunch, CEO and Co-Founder of Onfido, Husayn Kassi stated that identity is broken and needs to be fixed.

“[Identity has] been a large part of our focus, and as time goes on, our processes in digitisation, privacy and security have been proven out in parallel with how the world is shifting.”

Along with TPG Growth, other investors of Onfido include Salesforce Ventures, Tuesday, Crane, acquia capital, idinvest Partners, Talis Capital, University of Oxford, and Microsoft’s Venture Fund (M2). The funds from the investment round will be used to continue the growth and development of Onfido’s ID products. Although the company has not disclosed its valuation with this round, it has now raised $200 million in total.

The latest round of funding comes less than a month after Onfido launched its new accessibility features for its Software Development Kit (SDK), which is focused on enabling people with disabilities and impairments to connect to more businesses and services remotely with secure digital access. The new SDKs accessibility features include:

  • Haptic vibrations to complement the screen reader to provide user feedback when the action is complete
  • Optimized specifications for the screen reader voice, to ensure readout instructions give the right context and are in a logical, specified order
  • Reduced cognitive load on users by redesigning user interface and further simplifying layouts
  • Optimized user interface elements and overall layouts making the SDK fully usable under different device font size settings
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