RegTech platform Onfido nabs $30m for new funding round

Identity verification provider Onfido has scored $30m in funding led by Crane Venture Partners.

Participation to the round also came from Microsoft Ventures, Salesforce Ventures and other current investors.

The company uses machine learning technology to help combat fraud by automating the checks of more than 600 document types across 192 countries. Onfido’s platform helps to detect anomalies automatically and uses humans to monitor outliers, to help company’s scale quickly and reduce fraud.

UK-headquartered Onfido has grown its revenue 5-times annually for the past three years.

Onfido’s new injection of capital will help it with the research and development of its machine learning capabilities, while also increasing its scale to meet growing customer demand in the US and other international markets.

Crane partner Scott Sage said, “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.”

This new round of funding follows last year’s $25m Series B funding round in 2016, which helped the company take its services global. Total funding raised by the company has now reached up to $60m, with previous investments from Wellington Partners, Idinvest, and CrunchFund.

Other companies in Crane Ventures’ portfolio include AI and machine learning email security platform CheckRecipient, credit scoring solution Aire and machine learning platform prodo.ai.

The first quarter of 2017 saw over double the amount of funding into RegTech companies, compared to the same quarter last year.

Copyright © 2017 FinTech Global

 

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