From: RegTech Analyst
Biometrics specialist Onfido has strengthened its financial muscles by raising $100m in fresh capital to fuel further expansions and tech developments.
The RegTech company has made a name for itself by creating an artificial intelligence-powered solution that is able to analyse a person’s face and compare it to government-issued IDs to verify his or her identity.
“We’re standardising the way everyone proves their real identity, in a similar way to how Facebook has standardised the way everyone shares their social identity, and LinkedIn has standardised the way everyone signals their professional identity,” said Husayn Kassai (pictured), CEO of Onfido.
TPG Growth led Onfido’s new investment round, which puts the total funding raised by the scaleup to $200m.
Onfido will use the new investment to invest in machine-learning technology, consolidate existing markets and keep up with demand in new areas. It is also looking to strengthen its grip of the US, European and Southeast Asian markets.
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