Onfido biometric ID check revenues more than double year over year in announcement-filled Q1
Onfido has announced that revenue increased by 137 percent on a year-over-year basis in a busy first quarter of its fiscal 2019 year, during which the company appointed several new people to its leadership and announced a series of expansions, partnerships, and customer wins.
“Our increased market traction, wins coming from key geographies, and ability to recruit top talent away from tech giants is filling our sails,” says Onfido CEO and Co-founder Husayn Kassai. “We’re feeling really positive about our continued progress and remain focused on building the new identity standard for the internet to help everyone access what our increasingly digital world has to offer.”
Kassai told Biometric Update earlier this year, when the company announced a $50 million funding round and the appointment of former Salesforce executive Frank van Veenendaal to its Board of Directors, that Onfido’s facial recognition models outperform other biometric technologies for matches against photo IDs because that is how they are trained.
Other highlights in the quarter for Onfido include a partnership with IDEMIA supporting its expansion into France, the appointment of former executives from ForgeRock and Spotify to its C-level team, and the addition of a former head of robotics at Amazon to be Onfido’s VP of Research. The company also signed up several new customers, including Drover and RVshare, and formed several partnerships, including one with INTERPOL, and joined the FIDO Alliance Board of Directors.
The strong quarter for Onfido follows a sales increase of 342 percent in fiscal 2018.