Curve stakes deal with Onfido to speed-up customer sign-ups

By John Reynolds on Wednesday 29 July 2020

Digital Banking

The deal will see Onfido automate Curve’s KYC processes by using facial biometric tech.

Curve stakes deal with Onfido to speed-up customer sign-ups
Image source: Curve card/Curve.

Curve has struck a deal with ID verification company Onfido, as it looks to speed up the onboarding of customers and stamp out potential identity fraud.

The deal will see Onfido automate Curve’s KYC processes by using facial biometric technology and documentation that is becoming increasingly more commonplace.

According to Curve, by using Onfido’s AI-based technology, Curve customers are “able to digitally identify themselves safely and securely with minimal friction in less than a minute”.

“Partnering with Onfido removes friction from the onboarding experience for Curve customers enabling them to seamlessly open a safe and secure Curve account in just a few quick and easy steps,” said Matt Collinge, Curve’s chief product and technology officer. 

“Onfido’s interface and system is easy to navigate, drawing from a vast database that verifies identity in double quick time, and their portal quickly reports decision outcomes for ID doc and selfie and other KYC processes which have improved the signup experience for our customers in line with our core compliance objectives," he added.

“As a personal user of Curve myself, I’m a big fan of the product. We’re very pleased to be supporting Curve as it continues its mission to free people’s finances and move banking to the cloud,” said Husayn Kassai, CEO and co-founder at Onfido. 

“Because our machine learning models continuously learn to identify new fraud trends, we can enable Curve to onboard more users quickly without compromising on their fraud requirements. This helps build user trust and safety online while meeting KYC and AML regulations.”

This year, Onfido hoovers up $100m in one of the year’s largest fintech funding rounds and also posted a huge jump in 2020 sales. 

Kassai said 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. 

All-in-one payments card Curve is gearing up to launch Curve Credit, which it hopes will prove a rival to Klarna.

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