LendInvest, the UK’s largest marketplace platform for mortgages, has partnered with RegTech 100 company Onfido.
The identity verification provider will further streamline LendInvest’s digital application process for its Buy-to-Let (BTL) product. It will incorporate Onfido’s technology into its digital application system, enabling BTL applicants to confirm their identity online, instead of the need for paper forms.
Their brokers can prove a client’s identity by uploading a photo of one identity document to LendInvest’s application portal along with a ‘selfie’ photo of the applicant taken with their mobile phone.
The aim of the partnership is to makes the mortgage application process easier for both brokers and their clients, saving time effort and resources.
I addition to ID checks, plans are also in place to incorporate Onfido technology into the onboarding process used for LendInvest’s online investment platform over the coming months.
Hussayn Kasai, co-founder & CEO of Onfido, said: “We live in an increasingly online world, and in-person or paper-based processes are no longer fit for purpose. There’s increasing demand from both brokers and consumers for a fast, frictionless and secure lending experience, and we’re proud to work with market-leading companies like LendInvest to deliver that.”
Headquartered in London, Onfido’s machine learning technology platform automates identity verification for over 1,500 customers worldwide. Through a photo of an identity document and a mobile camera, users can confirm their identity and gain access to a host of online services, including financial platforms such as Revolut and Square, and sharing economy companies such as Couchsurfing, among others.
Founded by three entrepreneurs from Oxford University, Onfido has received over $60m in funding from investors to date.
Earlier this year, car-sharing platform SnappCar selected Onfido to verify its users in The Netherlands, Denmark, Sweden and Germany. The partnership came a month after bitcoin exchange Bitstamp picked Onfido to provide ID verification during onboarding to meet KYC and other regulations.
Last year, Onfido was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
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