Onfido, one of the fastest growing AI companies focusing on identity verification, has announced explosive growth in the US. As companies continue to embrace digital transformation, Onfido is experiencing triple digit year over year growth metrics. Onfido continues to on-board companies in the crypto space, as oversight & illicit activities are some of the industries biggest concerns.
Onfido Verification & Authentication
In a world that is transitioning into digital, Onfido is providing key infrastructure around identity verification and authentication. By leveraging artificial intelligence, the company is able to uncover whether a government issued ID is authentic or fraudulent. The company makes a determination by comparing a government issued ID to facial biometrics. Sales in the U.S have surged as companies continue to embrace the AI tech for KYC, User onboarding, User verification, Identity verification, Fraud detection, and many other use cases.
According to an announcement by Onfido, the company has grown its year-over-year sales in the United States by 264%. As the Coronavirus continues to force global separations, companies have been forced into digital transformations. With this being said, Onfido has seen increasing demand in digital remittances, online healthcare, and worker verifications. During the first half of this year, the company reported 69% of global sales obtained through first time customers.
CEO and Co-Founder of Onfido, Husayn Kassai stated that:
“It’s been another breakout quarter for Onfido as we see the US market taking off. Companies realize the time to enable their digital services is now, making it imperative they can remotely identify and authenticate users safely and securely and in a way that doesn’t restrict their ability to scale or impede user experience. We’re excited to help companies transform their customer experiences not just at onboarding but throughout the entire customer journey.”
Onfido Continues To Partner With Crypto Companies
Over the last year, Onfido has continued to ink partnerships around the globe. With the crypto and blockchain markets still being in their infancy, many believe the biggest issue in the sector is the lack of verification and oversight. Back in 2018, Husayn Kassai argued that some of the biggest issues in crypto revolved around privacy vs anonymity. In arguing against anonymity, he stated that identity verification is needed for many reasons such as legal and criminal oversight. Husayn mentioned that:
“A system of privacy rather than anonymity will highlight cryptocurrency’s benefits, such as speed, direct verification, and lack of transaction fees curtailing potential nefarious uses: When you marry trust in transactions and trust in people, you get all of the good stuff of the crypto without the bad.”
According to the recent announcement, it seems like Onfido continues to work with digital asset companies to enhance client oversight. In the past, Onfido has worked with some of the largest companies like BitPay, and Civic. BitPay was leveraging Onfido for their KYC solutions, and Civic was relying on Onfido for their AI powered identity verification for new wallet users. In addition, Onfido has also been integrated into some of the largest crypto exchanges like Bitstamp.
In the latest press release by the company, Onfido continues to ink partnerships with companies focused on the digital asset space. CoinDCX was the latest company that Onfido has affiliated with. CoinDCX is the largest crypto exchange in India, which is now running its whole KYC process through Onfido.
Digital Asset Space Is Bright For Onfido
Even though a majority of the Onfido client base does not pertain to crypto & blockchain, this will continue to be a market that Onfido can penetrate. As regulators continue to crack down on crypto exchanges on a global basis, companies will need to alter their oversight process. If the industry wants to continue scaling, it is evident that working with regulators is in the best interest to do so. Despite the shift into decentralized exchanges, a majority of crypto assets still reside at centralized exchanges that implement KYC & AML protocols. Aside from exchanges, Onfido has the opportunity to penetrate the payments markets in digital assets, which is becoming quite popular for cross border payments. Other than crypto & blockchain centric companies, Onfido has recently partnered with Okta, WorldRemit, Scrive, SalaryDost, and Neeyamo.
More On Onfido
The companies AI tech takes identity verification and authentication to a different level. In doing so, Onfido is able to monetize customer experience, privacy, and security. The company has raised over $200M, backed by large investors such as TPG Growth, Crane Venture Partners, Salesforce Ventures, Microsoft, and many others.