TransferGo has partnered with RegTech 100 company Onfido to improve the onboarding process.
Onfido’s machine learning-based identity verification technology will allow TransferGo to ‘rapidly and securely’ onboard new users as it continues its global expansion.
Headquartered in London, TransferGo currently has more than 650,000 users and is growing 100% yoy, with 1,000 new customers added each day.
It offers transfers between 47 countries worldwide, and this month became the first remittance company in the world to offer a cryptocurrency trading facility with customers now able to purchase and sell five major cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin. With the company expanding globally, TransferGo picked Onfido to help them meet the consumer finance challenges of today’s global citizens.
Daumantas Dvilinskas, CEO of TransferGo, said: “Onfido enables us to deliver the swift service our customers expect, without compromising on security. Their risk-based approach means we can confidently verify our users, and don’t have to add unnecessary friction where it’s not needed.
“Onfido’s support is imperative to our international growth, and we’re confident that they’ll continue to help us strengthen our position into the future.”
Following the deal, TransferGo will levergae Onfido’s machine learning technology, which automates identity verification to enable speedy, secure and scalable user onboarding.
Users will simply take a selfie and a photo of their identity document; Onfido’s technology then compares the two faces to ensure they are the same, and cross references the identity against international watchlists.
Husayn Kassai, CEO of Onfido, said: “We’re proud to be supporting TransferGo as they enter their next phase of growth. As a RegTech, we know how critical a smooth, secure and speedy onboarding process is for users, and look forward to helping TransferGo deliver that to new global markets and across new products.”
Onfido has made several partnerships over the past few months. Earlier in July, the company completed a deal with LendInvest which will see its identity technology implemented to help LendInvest’s mortgage process.
The company also partnered with another car rental solution this year, implementing its services with Snappcar to verify identities of users on the platform.
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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