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Onfido doubles US sales and adds over 300 biometrics clients for record revenue in 2020

Traditional banks could be next wave of digital identity customers
 

onfido-app-mobile-identity-verification

Onfido has announced record revenues for its 2020 fiscal year, on an 82 percent increase in annual recurring revenue and doubled U.S. sales of the company’s identity verification and selfie biometrics.

The acceleration of digital transformation initiatives by enterprises around the world helped Onfido add 320 new clients during 2020. The company’s partner ecosystem sales also grew by 176 percent, on a year-over-year basis, and it formed new beachheads in identity access, orchestration, financial services, and system integration with partners in strategic categories.

Onfido’s key partnerships formed during the year include deals to supply biometric technology to SecureKey and leading ForgeRock reseller HubCity Media, and the company points to its repeat as the top-ranked business on the FinTech50 and its $100-million funding round as notable highlights. Onfido also appointed Mike Tuchen as its CEO in November.

Customer wins during 2020 include three of the top ten cryptocurrency exchanges, two of the top ten global banks by revenue, several large contracts in payments and money transfers and a global top ten food delivery service. Onfido also gained licenses to supply online gaming companies in ten states.

“Driven by the global pandemic and the associated shutdowns, digital tools and technologies that enable a touch-free world have enabled us to continue working, shopping, learning, and receiving healthcare,” states Tuchen. “Digital identity verification is at the heart of all of these online services. As a result, in 2020 organizations have accelerated their digital transformation initiatives. This unprecedented drive to digital drove the demand for Onfido verification services to record levels.”

Head count at Onfido increased by 38 percent during the year to over 400 employees.

In 2019 Onfido booked a 130 percent year-over-year increase in revenue.

Onfido urges banks to embrace digital ID for better customer journeys

The historic resistance of large financial institutions to change, and digital transformation in particular, has been disrupted by the pandemic, challenging them in ways best addressed through digital ID, according to an Onfido blog post.

Reviewing the increase in online service use in different countries, Onfido notes that in addition to new processes, banks are facing changing customer expectations, which are leading 44 percent of U.S. customers to abandon onboarding processes in frustration.

Onfido recommends banks revisit their network of branches, embrace the shift to contactless for payments as cashless payments hit levels not expected for at least two more years, and enhance customers’ digital journeys with digital identity solutions that make onboarding easy. That means ID verification, biometric matching, and liveness detection.

Mobile interactions cost an average of around 10 cents, compared to $4 for interactions with tellers or call agents, and 60 percent of operating processes at banks are not automated, so the potential gains from selfie biometrics are large.

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