Onfido sees 82 percent sales growth of biometric identity verification solutions in third quarter of 2020
Onfido announced today an 82 percent global sales growth for its biometric digital identity verification software during the most recent quarter of 2020.
Within this timeframe, the company doubled its new customers, with 103 new ones adopting digital identity technology or switching from other providers, and witnessed a U.S. sales increase of 237 percent.
“Our mission is to create a more open world, where identity is the key to access,” commented Husayn Kassai, Onfido CEO and co-founder. “This starts with widening access, creating opportunities for everyone to connect with the services they need, and making sure that it’s as inclusive as it can be.”
The company uses AI to verify over 4600 document types from 195 countries and then compares them with users’ facial biometrics.
Following its exponential growth in 2020, Onfido said the firm has been working on making its facial verification algorithm more accurate.
“We made significant strides over the last quarter to make our product offering not only more conducive to enterprise-level organizations but also fairer when it comes to verifying people from different ethnicities,” Kassai explained. “We believe these changes will only accelerate our growth further.”
Onfido’s recent growth has been noticed by many international organizations, who have recognized the company’s efforts with various awards.
Just last week, Onfido won a CyberSecurity Breakthrough Award. The firm was also ranked first on the 2020 FinTech50 list and was recognized by CogX for its efforts in algorithm bias mitigation and accessibility.