FB pixel

OneID secures $1.3M in fresh funding to expand bank-verified digital ID services

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.

Article Topics

 |   |   |   |   | 

Latest Biometrics News

 

Could be 25 years before TSA gets facial recognition in all US airports

The Transportation Security Administration (TSA) foresees significant delays in implementing facial recognition across U.S. airports if revenue continues to be…

 

Single solution for regulating AI unlikely as laws require flexibility and context

There is no more timely topic than the state of AI regulation around the globe, which is exactly what a…

 

Indonesia’s President launches platform to drive digital ID and service integration

In a bid to accelerate digital transformation in Indonesia, President Joko Widodo launched the Indonesian government’s new technology platform, INA…

 

MFA and passwordless authentication effective against growing identity threats

A new identity security trends report from the Identity Defined Security Alliance (IDSA) highlights the challenges companies continue to face…

 

Zighra behavioral biometrics contracted for Canadian government cybersecurity testing

Zighra has won a contract with Shared Services Canada (SSC) to protect digital identities with threat detection and Zero Trust…

 

Klick Labs develops deepfake detection method focusing on vocal biomarkers

The rise in deepfake audio technology has significant threats in various domains, such as personal privacy, political manipulation, and national…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events