Onfido reaches triple-digit biometrics growth, surpasses $100M annual recurring revenue in Q2
Onfido has doubled its revenue on a year-over-year basis with a fifth consecutive record quarter in Q2, 2021, surpassing $100 million in annual recurring revenue for its biometric onboarding and identity verification technology.
The revenue growth was driven in large part by a 200 percent increase in year-over-year selfie biometrics sales in the U.S., and significant partner program expansions, the company says. Onfido’s new deals in the quarter include joining Visa’s partner program, securing onboarding for cryptocurrency trading platform Phemex, and an engagement with Amazon.
The company notes Juniper’s forecast that the digital identity verification market will reach $16.7 billion by 2026.
“Our record growth underscores the continued market demand for identity verification and authentication solutions and we’re delivering to meet that demand,” states Mike Tuchen, CEO of Onfido. “In this thriving digital economy, organizations require strong, flexible security that doesn’t compromise on user experience. Onfido equips organizations with the tools they need to consistently scale to meet these demands – and we’re only getting started.”
Onfido’s achievements in the second quarter include the launch of its Face Authenticate, developed in partnership with FaceTec, which connects biometric identity verification from onboarding to other areas of the customer journey, and a successful compliance test to the ISO/IEC 30107-3 Level biometric presentation attack detection (PAD) standard performed by iBeta for its Onfido Selfie product.