Onfido reports massive growth in facial biometrics sales driven by U.S. demand
Onfido has reported a 40 percent quarter-over-quarter rise in global sales ending June 30, 2020, and a 264 percent year-over-year growth in the U.S. driven by a high demand for its biometric ID verification technology amid the global pandemic, the company announced.
During the first six months of 2020, new customers brought in 69 percent of global sales, while 22 percent of sales were generated by the channel.
“It’s been another breakout quarter for Onfido as we see the U.S. market taking off,” said Husayn Kassai, CEO and co-founder of Onfido, in a prepared statement. “Companies realize the time to enable their digital services is now, making it imperative they can remotely identify and authenticate users safely and securely and in a way that doesn’t restrict their ability to scale or impede user experience. We’re excited to help companies transform their customer experiences not just at onboarding but throughout the entire customer journey.”
The need for fast and secure digital access has led to a 1.3-times week-on-week increase of digital remittances in the first month of COVID-19 lockdown and a 4-times increase of online healthcare volumes.
The company has upgraded its ID document fraud algorithms, improved accessibility for people with disabilities and impairments, and provides real ID and Latin character support. Customers using React Native now have a seamless SDK integration experience. Onfido’s involvement in a privacy sandbox alongside other organizations was noted in a progress report by the Information Commissioner’s Office.
In April 2020, Onfido raised $100 million in a funding round led by TPG Growth, to deliver a new identity standard with biometrics. The company expanded its workforce to more than 400 employees worldwide and appointed former advisor Dan Teodosiu as Chief Technology Officer, former Mitek executive Steve Craig as Head of Enterprise Product and Oliver “Olli” Krebs as General Manager for DACH region.
Onfido says the portable digital identity solution with face biometrics pilot with Deloitte, Evernym and UK’s Financial Conduct Authority (FCA) was a success. It also announced integration of its immunity passport with SideHide to support the reopening of the travel industry, as well as assistance for essential services during the pandemic.
Onfido has been recognized by CogX for “Best Innovation in Algorithmic Bias Mitigation” and “Outstanding Leader in Accessibility,” and was praised in the SC Europe Awards 2020 for “Best Use of Machine Learning.” The biometric company also picked up an InfoSec Award at RSA 2020 for “Best Next Gen Fraud Prevention Product,” and it was named to the CB Insights AI 100 ranking as one of the world’s most promising AI businesses for the second year running.