Onfido and Socure take honors for digital identity verification innovation
A pair of digital identity verification companies have been recognized for their contributions to financial and artificial intelligence innovation.
Onfido has been named number one on the 2019 FinTech50, as judged by a panel of international experts representing firms including Standard Chartered, UBS, Mastercard, Barclays, HSBC, J.P. Morgan, ING, Stripe, and VC firms Accel and Softbank.
The FinTech50 was founded in 2012 to recognize European fintech innovations disrupting banking. Onfido’s 1,500 worldwide customers, 342 percent sales growth in 2018, and efforts “setting the global identity standard for access and driving financial inclusion” were noted by the organization in awarding the company. Challenger banks Monzo and Revolut, both of which are Onfido clients, took second and third on the list.
“It certainly feels like a breakout year,” says Onfido CEO and Co-founder Husayn Kassai. “We’re firing on all cylinders: innovation, winning business, bringing aboard exceptional talent, expanding globally, and gaining recognition and accolades.”
“We’re helping to re-establish trust and increase access to services by offering secure and remote identity verification. Our mission is to create an open world where identity is the key to access, and we’re engaged in an ecosystem that is working toward a new, decentralized, consumer-empowering portable identity that will help us get to a world free of fraud, with access for all.”
Fobes says Socure’s evaluation of hundreds of online and offline data sources for ‘social biometrics’ can reduce fraud rate and manual review cost of 80 to 90 percent.
“We are honored to be recognized by Forbes for our commitment to use artificial intelligence to eliminate identity fraud,” comments Tom Thimot, CEO at Socure. “Being part of this prestigious list is a testament to the hard work of our team over the past year. As we continue to refine our platform and expand our client base, AI and machine learning will continue to be the core of everything we do.”
Socure says its revenue grew by more than 300 percent in 2018, and its customers include seven of the nine largest banks in the U.S., six of the top ten U.S. card issuers, two of the top five global remittance providers, and a top online retailer.