Onfido

Onfido is a company founded in 2012 that uses an AI-based technology which assesses whether a user’s government-issued ID is genuine or fraudulent and then compares it against their facial biometrics.

Summary

Onfido is a company founded in 2012 that uses an AI-based technology which assesses whether a user’s government-issued ID is genuine or fraudulent and then compares it against their facial biometrics. That’s how they give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely. Their mission is to create a more open world, where identity is the key to access.

Overview

The company was founded in July 2012 by three ex-students at Oxford University: CEO Husayn Kassai, COO Eamon Jubbawy, and CTO Ruhul Amin. Onfido is headquartered in London and has 200 employees in offices across San Francisco, New York, Lisbon, Delhi and Singapore.

In February 2015, Onfido raised $4.5 million from a Series A funding round to help expand the business.

While initially focused on doing background checks for businesses hiring large numbers of permanent staff and contractors, by September 2016 it had shifted its focus to financial services and e-commerce companies. These companies are required to verify the identities of people with whom they do business as part of “Know Your Customer” (KYC) regulations and to help prevent fraud. Onfido helps them to do this without onerous background checks. The company also wants to help get people who don’t currently have bank accounts into the banking system. Almost 40% of the world’s adult population is excluded from opening a bank account, most often due to having thin credit files, or being new migrants without the requisite documents needed for in-person verification and legally required Anti-Money Laundering checks.

Onfido’s mission (from their website)

Widen access

Create opportunities for people to connect with the services they love

Minimize friction

Design for speed, ease and common sense

Identify fraud

Uncover deception before it leads to criminal activity

Uphold privacy

Champion privacy, and empower our users

Accolades

In 2015, Onfido received an prize at the inaugural TechCities Awards in the Thames Valley category. In 2016, Onfido was mentioned at the FinTech50 list of companies that list the best new businesses. Also in 2016, Kassai, Jubbawy, and Amin were put on Forbes’ annual 30 Under 30 list of top young leaders across 20 industries for Onfido.

In November 2018, Kussai was selected to the Financial Times’ list of the ‘Top 100 minority ethnic leaders in technology.

References