The firm, which was founded in 2020, is expected to utilise the capital to further develop its product and bolster its mission to make the world a safer place by helping people prove who they are online easily and securely.
With digital interactions and transactions becoming a daily staple, OneID’s solution eliminates the need for physical identification documents, enabling businesses and individuals to digitally prove their identity instantly and anywhere.
Paula Sussex, CEO at OneID, said: “The investment from ACF Investors is a coming together of similar interests and visions. As the world increasingly becomes digital-first, we aim to minimise fraud, enhance online experiences, and make the world a safer place.
“ACF is our second institutional investment, and it is a vote of confidence in our efforts to make digital identification accessible and available to more UK citizens.”
Individuals signing up to the platform choose the service as their identity verification method when signing up for an online product, and consent to OneID contacting their bank (online or mobile banking).
Once this process is completed, the identification service confirms the users identity to the online product or service provider in just a few seconds.
OneID’s offering of a bank-verified digital identity service is equipped to benefit approximately 50 million UK citizens and foster a new era of secure, efficient, and convenient online transactions, benefitting consumers and businesses alike.
The company is also one of the UK’s biggest angel-backed start-ups, with 170 angel investors who have investing to date.
Tim Mills, Managing Partner at ACF Investors, said: “We’re constantly monitoring businesses that have the potential to enhance the lives of the British people and redefine the future of the UK. OneID, with its simple, trustworthy, and effective solution to a pressing problem, could touch some 50 million UK citizens and make bank-verified digital identification the norm in the UK.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global