OneID, the sole provider of bank-verified digital identification services in the UK, has successfully secured £1m in fresh funding from ACF Investors.
Established in 2020, OneID plans to use the newly acquired capital to advance its product development and reinforce its commitment to making the world safer by enabling people to effortlessly and securely verify their identity online.
As digital interactions and transactions become an everyday necessity, OneID’s solution eradicates the requirement for physical identification documents, thus allowing businesses and individuals to instantly and remotely validate their identities.
Paula Sussex, CEO of OneID, commented:
The investment from ACF Investors signifies a convergence of shared interests and objectives. In a world that is progressively adopting a digital-first approach, our goal is to reduce fraud, enhance online experiences, and create a safer environment. ACF’s investment, our second from an institutional investor, demonstrates their faith in our mission to make digital identification accessible and available to a broader segment of the UK population.
Users registering on the platform select OneID as their preferred identity verification method during the online product sign-up process and authorize OneID to reach out to their bank via online or mobile banking.
Once this step is finalized, the identification service swiftly confirms the user’s identity to the online product or service provider.
OneID’s bank-verified digital identity service is poised to positively impact nearly 50 million UK citizens, ushering in a new era of secure, efficient, and convenient online transactions for both consumers and businesses.
Moreover, OneID is one of the largest angel-backed startups in the UK, with a robust backing from 170 angel investors to date.
Tim Mills, Managing Partner at ACF Investors, remarked:
We are continuously evaluating companies with the potential to improve the lives of the British public and reshape the UK’s future. OneID, with its straightforward, reliable, and effective solution to a pressing issue, has the capacity to reach around 50 million UK citizens and establish bank-verified digital identification as the standard in the UK.