Onfido secures $100m, reveals 'coronavirus passport' plans
London and San Francisco-based Biometrics firm Onfido, one of BusinessCloud’s London Tech 50, has secured a new $100m funding round.
The new f round, led by US investment firm TPG Growth, brings Onfido's total fundraising to $200m. The latest capital will be used to further advance its AI-powered video-based identify verification tech, consolidate existing markets, and service demand in new geographies.
Its CEO and co-founder Husayn Kassai argued that the password is to become a thing of the past, and we will “all be able to use our real identity to seamlessly access everything from financial services, online healthcare and trust marketplaces, to self-check-ins at airports, hotels and car rentals.”
Earlier this year Kassai revealed to BusinessCloud the firm’s long-term plan to use its technology in helping people to vote.
Now the firm is looking to use its technology to produce a ‘passport’ or certification of coronavirus immunity or recovery, which would help in the policing of people if and when the lockdown is relaxed.
The firm is now in talks with various European countries and the US government over playing a role in such a system, reports City A.M.
The firm reports a recent surge in demand as the world moves to remote work. In recent weeks it has seen a quadrupled volume increase in the online healthcare sector, 1.3 times increase in remittance and payments, and a six times increase in paid and volunteer worker verifications needed to help with relief efforts.
Founded in 2012, the firm now has around 400 employees across seven countries. Its customers include well-known FinTech firms including Revolut.
“We're standardizing the way everyone proves their real identity, in a similar way to how Facebook has standardized the way everyone shares their social identity, and LinkedIn has standardized the way everyone signals their professional identity,” said Kassai.