Onfido files first financials following Entrust acquisition

Onfido, the UK digital identity startup acquired by Minnesota-based Entrust in May 2024, cut its staff by 19 percent to 224 people and reduced its operating losses by 60 percent in the year ending January 2024.

Onfido’s financial report for that period saw revenue fall 10 percent to £86.8 million (~US$109M). The drop was offset by improvements to its core technology and greater reach internationally, which boosted the turnover for its principal activities by 12 percent to £64.2 million (US$80.3M).

The selfie biometrics specialist was incubated at the University of Oxford, and the Entrust deal marked the university’s largest ever return for a student-led startup. The most recent reports do not cover the period during which it has operated as an Entrust subsidiary.

As it is integrated into Entrust, the digital ID firm says it will focus on further development of its technology platform to help Entrust customers avoid phishing and deepfakes, perform customer and staff onboarding securely, and protect data and cryptographic assets with encryption.

According to UK Finance, in the first half of 2024, over £570m was stolen through payment fraud in Britain.

Article Topics

biometrics  |  digital identity  |  Entrust  |  financial results  |  Onfido