London-based identity verification and authentication company Onfido has raised $100 million in a funding round led by TPG Growth.
Onfido is used by the likes of Revolut and Expensify to help identify users by analysing their photo ID and then matching it against a selfie video, using AI to catch fakes.
The firm says it has seen 130% year-over-year growth as more businesses and services move online, increasing the risk of identity fraud. Even in recent weeks, the Covid-19 lockdown has led to a surge in usage of Onfido's technology, particularly in areas such as remittances and online healthcare.
The new investment will be used to further invest in machine learning technology, consolidate existing markets and move into new ones.
Husayn Kassai, CEO, Onfido, says: “Over the coming years, we’ll all be able to use our real identity to seamlessly access everything from financial services, online healthcare and trust marketplaces, to self-check-ins at airports, hotels and car rentals.”