Onfido, the AI-based ID verification platform, raises $100M led by TPG.

Onfido is the new identity standard for the internet. Their AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how they give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely.by that creating a new world where identity is the key to access putting it as a major step . For it’s start : In February 2015, Onfido raised $4.5 million from a Series A funding round to help expand the business and in mid-2015, the company opened its office in San Francisco, California and several months later hired former Google director Ed Ungar as its CCO to help with its growth.] By April 2016 it had done almost ten million identity and background checks. In November 2018, Kassai was named to the Financial Times' list of the 'Top 100 minority ethnic leaders in technology.'[15] In August 2019, Onfido was awarded the Frost & Sullivan 2019 Technology Award for its advanced hybrid identity verification solution and won the Barclays “Most Innovative Use of Technology” supplier award. And in the FinTech 50 and ranked 8th fastest growing private company in the UK in the 2019 . Today this all AI based platform is playing a big role during the pandemic and it’s side effects “contactless novel “ as it is announcing a big funding round and has announced a 100 $ million dollars fund. The use of the funding are 1- obviously going to be used to expand the business which has been successful so far 2- And second to to fill out its ambition of building an alternative “identity verification” layer of the internet to replace credit bureaus, Facebook logins and other established channels. 3- solve what it sees as a long-standing problem on the internet and digital platforms overall The round is being led by TPG Growth, who has approximately $72 billion under management with investment and operational teams in 16 offices around the world. Having invested in more than 400 companies, likes of Airbnb and Uber that could be related and in need of services as provided by Onfido . Onfido ceo has made clear that this is not the closure round which he described as an “ upround “ kassai said. Making the total 200 $ millions with it’s last round that exactly a year ago . “Onfido’s use of AI to develop market leading tech is extraordinary,” as said Mike Zappert Partner of TPG Growth, in a statement. “There is enormous demand for secure and simple identity verification and authentication across major sectors and we see Onfido becoming the new standard for digital access. Their team has done a remarkable job in a relatively short period of time, and we look forward to partnering with.

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