Identity verification solution Onfido is the latest FinTech company to have received a grant from the Board of Banking Competition Remedies Ltd (BCR).
The startup has received a £5m grant, which will enable it to continue the development of biometric fraud detection, data anonymisation and document fraud prevention technologies.
Onfido CEO and co-founder Husayn Kassai said, “At Onfido, we’re transforming the accessibility of financial products and services for SMEs.
“We pride ourselves on leading discovery and innovation on artificial intelligence technologies applied to identity verification and are honoured to receive the grant to further invest in the technologies that are creating a more open and inclusive online world. We view this as a critical issue as we enter a more digitised world where an individual’s identity is the key to access.”
There were around 100 applicants to the grant scheme, but only six were issued.
BCR lead ddirector on the Capability and Innovation Fund Aidene Walsh said, “It has been really encouraging to see that, despite the challenging economic environment, this Pool has attracted a large number of diverse and innovative organisations that are making strong progress in meeting the needs of UK SMEs.
“All successful applicants have demonstrated a clear vision for how they will deliver on their business proposition by December 2022 and provide agile and enduring products and services to the SME market.”
Other companies to pick up the grant are accounting system integration platform Codat, loan platform Funding Xchange and invoice payment startup Previse.
Onfido previously raised $100m in funding earlier this year, to support its expansion and technology developments.
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