By Oliver Smith on Friday 10 July 2020
New customers are racing to update analogue processes for a world of remote identity verification.
Just three months after scooping up $100m in one of the year’s largest fintech funding rounds, identification verification startup Onfido has posted a huge jump in 2020 sales.
CEO and co-founder Husayn Kassai said yesterday that the startup had seen a 40 per cent jump in sales during the second quarter of the year, with 22 per cent of that driven by new customer demand.
In the last quarter new customers like WorldRemit and enterprise identity service Okta have helped to lift Onfido’s sales versus the same quarter in 2019.
“It’s been another breakout quarter for Onfido as we see the US market taking off,” said Kassai, adding that US sales had soared by 264 per cent year-on-year.
The CEO described it as a “breakout quarter” as “companies realise 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.”
Other milestones for the quarter include the hiring of a new chief technology officer, Dan Teodosiu, head of enterprise product and general manager for DACH.
All-in-all the startup added 50 new roles taking its worldwide headcount to over 400.
Onfido’s record funding round also had a knock-on impact on the fintech industry, with listed investor Augmentum Fintech seeing the value of its portfolio jump by three per cent following the raise.
And the trend looks set to continue, with Onfido reporting that during the first month of lockdown alone remittances among its client base increased by 1.3x week-on-week, online healthcare volumes jumped 4x and worker verifications rose 6x.