This brings the total investment in Onfido to $180 million.
Onfido partners will directly benefit from a $100 million funding round led by global investment firm TPG Growth.
This brings Onfido’s total investment to $180 million. The new funding will help it meet global demand for identity verification and authentication.
Onfido confirms a user’s real identity by checking if their photo ID is genuine and then matching it against a selfie video. This combats rising fraud and enables access to digital services.
Robert Humphrey is Onfido’s CMO. He said partners will receive more hands-on training, consultancy from Onfido engineers and tailored marketing campaigns.
“Currently, our partner program consists of four partner channels: technology resellers and commercial resellers, SIs and a referral program,” he said. “Each program provides partners the ability to offer Onfido services directly to their customers, either by embedding Onfido into their own cloud/SaaS offering or by co-selling as a combined solution stack. Partners benefit from commercial incentives and increased customer acquisition and retention through joint-marketing programs. These opportunities will increase as we accelerate investment in these programs.”
The new funding will accelerate geographical expansion, Humphrey said. It also will help Onfido explore new solutions across health care, financial services, online marketplaces and government organizations, he said.
“Ultimately, our goal is to create a more open world where an individual’s identity is the key to accessing more digital services,” he said. “We call this real identity, where a person’s identity is anchored by their photo ID and their face, rather than by a centralized database of numbers and letters.”
Partners are a critical and strategic element of Onfido’s overall growth strategy, Humphrey said.
“As we expand our capabilities as part of the growing identity ecosystem, partners … become even more critical,” he said. “Ensuring the channel is educated and ready to sell Onfido is an important strategic move that will enable us to accelerate our expansion in the United States, Southeast Asia and Europe while exploring new product innovation with them such as digital registration, account takeover and authentication.”
Onfido’s new partnerships with ForgeRock, SecureKey and Okta are accelerating its presence in the identity platform marketplace, Humphrey said.
“With every stage of funding comes new degrees of competitive advantage,” he said. “Onfido is fortunate to have incredibly high-profile and wildly successful investors including Salesforce Ventures, M12 (Microsoft) Ventures and now TPG. Their strategic value includes their tremendous experience assisting hyper-growth companies in the areas of strategy, go-to-market expertise, operational excellence and their impressive networks. All of this will help us and our partners deliver impactful solutions to the market.”
“Onfido’s use of AI to develop market leading tech is extraordinary,” said Mike Zappert, partner at TPG. “There is tremendous demand for seamless and simple identity verification and authentication across major sectors and we see them becoming the new standard for digital access.”
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.