Funding, Start Ups

Onfido ​raises ​$30m ​for ​identity ​verification ​that ​helps millions ​of ​people ​access ​online ​services

Crane ​leads ​Series ​C ​with ​support ​from ​Microsoft ​Ventures ​and ​current ​investors

– Businesses ​such ​as ​Square, ​Zipcar, ​and ​Revolut ​use ​Onfido’s ​identity ​verification ​to
seamlessly ​onboard ​more ​customers ​and ​scale ​their ​businesses
– New ​funding ​round ​enables ​Onfido’s ​growth ​in ​international ​markets ​and ​new
industries, ​as ​well ​as ​further ​R&D ​in ​machine ​learning ​technology

28th ​September ​2017, ​LONDON ​and ​SAN ​FRANCISCO: Identity ​verification ​provider ​Onfido
today ​announces ​$30M ​in ​funding, ​led ​by ​Crane ​Venture ​Partners ​with ​support ​from ​Microsoft
Ventures, ​Salesforce ​Ventures ​and ​other ​current ​investors. ​The ​funding ​follows ​a ​Series ​B ​round
of ​$25M ​in ​April ​2016, ​allowing ​the ​company ​to ​take ​its ​identity ​verification ​technology ​global.
With ​just ​a ​photo ​of ​an ​identity ​document ​and ​a ​selfie, ​users ​can ​now ​gain ​access ​to ​a ​host ​of
online ​platforms ​such ​as ​Square, ​Zipcar, ​and ​Revolut. ​Onfido’s ​machine ​learning ​technology
enables ​companies ​to ​automate ​checks ​on ​over ​600 ​document ​types ​across ​192 ​countries,
detecting ​anomalies ​automatically, ​and ​using ​human ​experts ​to ​verify ​outliers. ​This ​enables
high-growth ​companies ​to ​rely ​on ​Onfido’s ​identity ​verification ​technology ​as ​they ​scale,
seamlessly ​onboarding ​more ​customers ​while ​reducing ​the ​risk ​of ​fraud.
Husayn ​Kassai, ​CEO ​and ​co-founder ​of ​Onfido, ​stated, ​“The ​world ​is ​moving ​online, ​but ​the
means ​to ​carry ​out ​identity ​verification ​is ​frozen ​in ​time ​in ​an ​offline ​world. ​Millions ​of ​people
who ​don’t ​have ​a ​credit ​history ​– ​or ​just ​have ​a ​thin ​one ​– ​are ​unable ​to ​access ​everyday ​services.
With ​our ​identity ​verification ​technology, ​those ​underserved ​people ​can ​access ​online ​services
they ​need, ​and ​businesses ​can ​gain ​access ​to ​a ​whole ​new ​group ​of ​trusted ​customers.”
Kassai ​continued, ​“Just ​as ​money ​was ​required ​to ​oil ​the ​wheels ​of ​commerce ​in ​previous
centuries, ​your ​legal ​identity ​is ​pivotal ​to ​enable ​transactions ​as ​we ​move ​to ​a ​digital ​world. ​As
identity ​verification ​technology ​continues ​to ​evolve, ​it ​will ​become ​the ​key ​to ​remotely ​unlocking
a ​huge ​range ​of ​products ​globally, ​from ​banking ​and ​travel ​services ​through ​to ​voting ​and
healthcare.”

This ​latest ​round ​brings ​Onfido’s ​funding ​to ​over ​$60M ​to ​date, ​including ​previous ​investment
from ​Wellington ​Partners, ​Idinvest, ​and ​CrunchFund. The ​new ​funding ​will primarily ​be
channeled ​into ​research ​and ​development ​in ​machine ​learning ​technology, ​and ​to ​meet
increasing ​customer ​demand ​in ​the ​US ​and ​other ​international ​markets.
Scott ​Sage, ​Partner ​at ​Crane, ​explained, ​“We ​invest ​in ​companies ​that ​have ​an ​‘unfair ​advantage’
in ​data. ​Onfido ​has ​proven ​itself ​with ​incredible ​traction ​in ​Europe ​and ​strong ​demand ​in ​the ​US
for ​its ​identity ​verification ​technology ​today. ​Onfido ​has ​one ​of ​the ​strongest ​machine ​learning
teams ​we’ve ​come ​across ​from ​all ​over ​Europe, ​and ​we’re ​excited ​to ​see ​how ​they ​continue ​to
combine ​data, ​image ​verification ​and ​fraud ​prevention ​technologies ​to ​enable ​businesses ​to
scale ​efficiently ​and ​safely.”

Onfido, ​headquartered ​in ​London, ​has ​offices ​in ​San ​Francisco, ​New ​York, ​Lisbon ​and ​New ​Delhi.
Founded ​in ​2012, ​the ​identity ​verification ​company ​has ​grown ​from ​25 ​to ​150 ​employees ​in ​just
over ​2 ​years, ​while ​growing ​revenue ​5x ​annually ​for ​the ​past ​three ​years.
“Smartphones are pervasive, powerful tools for accelerating the adoption of identity verification
processes,” said Itxaso del Palacio, investment partner, Microsoft Ventures. “Onfido’s reliable and
scalable intelligent services are helping millions of unbanked people worldwide access financial
services by allowing them to open bank accounts, be verified for a job and more with the touch
of ​a ​button. ​We’re ​proud ​to ​support ​its ​efforts ​with ​our ​investment.”
“Salesforce ​Ventures ​is ​committed ​to ​investing ​in ​technology ​that ​extends ​our ​intelligent
Customer ​Success ​Platform ​and ​makes ​our ​customers ​even ​more ​successful,” ​said ​John
Somorjai, ​EVP ​of ​Corporate ​Development ​and ​Salesforce ​Ventures, ​Salesforce. ​”As ​a ​company
applying ​machine ​learning ​to ​identity ​verification, ​Onfido ​is ​a ​prime ​example ​of ​the ​amazing
innovation ​and ​commitment ​to ​customers ​that ​we’re ​seeing ​in ​the ​Salesforce ​ecosystem.”

About ​Onfido
Onfido builds trust in an online world by helping businesses digitally verify people’s identities. Using
machine learning technology, Onfido validates a user’s identity document and compares it with their
facial biometrics. The identity can then be cross-referenced against international credit and watchlist
databases. Founded by three entrepreneurs from Oxford University, Onfido has received over $60m in
funding from investors including Microsoft Ventures, Salesforce Ventures and Crane Venture Partners.
Onfido carries out checks in 192 countries for global customers including Zipcar, Couchsurfing, Revolut
and ​Square.

www.onfido.com
www.facebook.com/onfido
www.twitter.com/onfido
Notes ​to ​editors:
For ​further ​press ​information ​or ​enquiries, ​please ​contact ​Niamh ​

About​ ​Crane

Crane builds data, enterprise and deep technology companies alongside Europe’s most ambitious founders. Based
in London, Crane’s Partners have invested and scaled businesses across the US, Asia and every major hub in
Europe.​ ​Over​ ​the​ ​last​ ​year,​ ​Crane​ ​has​ ​made​ ​a​ ​dozen​ ​investments​ ​into​ ​European​ ​based​ ​enterprise​ ​startups.

About​ ​Microsoft​ ​Ventures

Microsoft Ventures is the corporate venture arm of Microsoft, (Nasdaq “MSFT” @microsoft) the leading platform
and productivity company for the mobile-first, cloud-first world. Microsoft Ventures partners with visionary
entrepreneurs looking to drive digital transformation. As part of its promise to portfolio companies, Microsoft
Ventures offers unrivaled access to go-to-market resources and strategic relationships globally. Microsoft Ventures
currently​ ​operates​ ​in​ ​London,​ ​New​ ​York,​ ​San​ ​Francisco,​ ​Seattle​ ​and​ ​Tel​ ​Aviv.​ ​Learn​ ​more​ ​here​.

About​ ​Salesforce​ ​Ventures

Salesforce​ ​is​ ​the​ ​fastest​ ​growing​ ​top​ ​five​ ​enterprise​ ​software​ ​company​ ​and​ ​the​ ​#1​ ​CRM​ ​provider​ ​globally.
Salesforce​ ​Ventures—the​ ​company’s​ ​corporate​ ​investment​ ​group—invests​ ​in​ ​the​ ​next​ ​generation​ ​of​ ​enterprise
technology​ ​that​ ​extends​ ​the​ ​power​ ​of​ ​the​ ​Salesforce​ ​Intelligent​ ​Customer​ ​Success​ ​Platform,​ ​helping​ ​companies
connect​ ​with​ ​their​ ​customers​ ​in​ ​entirely​ ​new​ ​ways.​ ​Portfolio​ ​companies​ ​receive​ ​funding​ ​as​ ​well​ ​as​ ​access​ ​to​ ​the
world’s​ ​largest​ ​cloud​ ​ecosystem​ ​and​ ​the​ ​guidance​ ​of​ ​Salesforce’s​ ​innovators​ ​and​ ​executives.​ ​With​ ​Salesforce
Ventures,​ ​portfolio​ ​companies​ ​can​ ​also​ ​leverage​ ​Salesforce’s​ ​expertise​ ​in​ ​corporate​ ​philanthropy​ ​by​ ​joining​ ​Pledge
1%​ ​to​ ​make​ ​giving​ ​back​ ​part​ ​of​ ​their​ ​business​ ​model.​ ​Salesforce​ ​Ventures​ ​has​ ​invested​ ​in​ ​more​ ​than​ ​200
enterprise​ ​cloud​ ​startups​ ​in​ ​14​ ​different​ ​countries​ ​since​ ​2009.​ ​For​ ​more​ ​information,​ ​please​ ​visit
www.salesforce.com/ventures​.

About​ ​Idinvest

With​ ​more​ ​than​ ​€6​ ​billion​ ​under​ ​management,​ ​Idinvest​ ​Partners​ ​is​ ​a​ ​leading​ ​pan-​European​ ​private​ ​equity​ ​firm
focused​ ​on​ ​the​ ​mid​market​ ​segment.​ ​Idinvest​ ​Partners​ ​has​ ​developed​ ​several​ ​complementary​ ​areas​ ​of​ ​expertise
including​ ​Venture​ ​Capital,​ ​Growth​ ​Capital​ ​and​ ​Private​ ​Debt​ ​investments​ ​in​ ​unlisted​ ​European​ ​companies​ ​as​ ​well
as​ ​Primary​ ​and​ ​Secondary​ ​investments​ ​in​ ​European​ ​private​ ​equity​ ​funds.​ ​Founded​ ​under​ ​the​ ​name​ ​AGF​ ​Private
Equity​ ​in​ ​1997,​ ​Idinvest​ ​Partners​ ​was​ ​formerly​ ​part​ ​of​ ​Allianz​ ​until​ ​2010​ ​when​ ​it​ ​joined​ ​forces​ ​with​ ​IDI​ ​as​ ​an
independent​ ​firm.

About​ ​Wellington​ ​Partners

Since the 1990s, Wellington Partners has supported the global ambitions of Europe’s best entrepreneurs in
Technology. Wellington’s pan-European team operates primarily out of offices in London and Munich, as well as a
base in Palo Alto. Wellington Partners has already invested in the companies of more than 100 outstanding
entrepreneurs and has been part of many spectacular successes. Wellington Partners currently have $905 million
under​ ​management.​ ​For​ ​more​ ​information,​ ​visit​ ​www.wellington-partners.com​.

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