Regional gains and biometrics partnerships lift Onfido to best quarter yet
Revenues from Onfido’s biometrics and identity verification leaped by 93 percent on a year-over-year basis in its fiscal first quarter of 2021, with increases above 200 percent in the U.S. and Central European markets, according to a company announcement.
Engagement with financial services organizations accelerated apace, Onfido says, particularly challenger banks and fintechs. The company’s partner ecosystem sales grew by 116 percent year-over-year, and deals were recently closed with Microsoft and Volkswagen Financial Services.
“We continue to see a strong push by financial services to digital-first and digital-only customer strategies, which has contributed to this record quarter, and there is no sign of it slowing down,” states Mike Tuchen, CEO of Onfido. “Enterprises see strong ROI from putting robust digital identity at the center of these strategies, enabling them to quickly scale and improve their customer experience without having to compromise on fraud protection or compliance.”
The company appointed Alex Valle as its new chief product officer. Valle has over two decades of leadership experience, including at Google and Criteo, building and scaling six product platforms at the latter from zero revenue to $300 million. Onfido’s total headcount is now 428.
“Alex has an enviable track record when it comes to building disruptive products,” adds Tuchen. “His expertise in building scalable platforms that have consistently delivered billions in revenue, powered by innovative machine learning technology, will continue to set Onfido apart in the market.”
Onfido booked record revenues and an 82 percent increase in annual recurring revenue in 2020.