OneID secures $1.3M in fresh funding to expand bank-verified digital ID services
UK-based digital ID verification firm OneID has obtained £1 million (US$1.3M) in new funding from ACF Investors, a venture capital fund, to enhance its online authentication solution so as to better fight identity fraud.
According to an announcement, the funds will be channelled into developing the company’s products and support its mission of helping people easily and securely identify themselves online, especially at time when there is said to be growing interest in the bank-verified digital ID market.
“The investment from ACF Investors is a coming together of similar interests and visions. As the world increasingly becomes digital-first, we aim to minimize fraud, enhance online experiences, and make the world a safer place,” said OneID Chief Executive Officer Paula Sussex, who was appointed to the role in April.
“ACF is our second institutional investment, and it is a vote of confidence in our efforts to make digital identification accessible and available to more UK citizens.”
In comments following the investment, Tim Mills, managing partner at ACF Investors, said the move is in line with their objective of “constantly monitoring businesses that have the potential to enhance the lives of the British people and redefine the future of the UK.”
“OneID, with its simple, trustworthy, and effective solution to a pressing problem, could touch some 50 million UK citizens and make bank-verified digital identification the norm in the UK,” he added.
Created in 2020, OneID is said to be only UK company designed to enable banks provide ID verification services for customers, which go a long way in streamlining their digital banking experience.
The application, which doesn’t store any personal data, requires no registration and also eliminates the hassles involved in scanning physical identity documents such as passports or using selfie biometrics for online ID authentication.
Users can access a service online using the OneID platform and allow the platform to contact their banks to verify their credentials. OneID then validates the ID in relation to the product requested in a matter of seconds.
OneID works in the same way as Belgium’s itsme which facilitates between 25 and 35 million monthly bank-verified ID transactions.