Series C3 April 2019

Onfido raises £38.3m Series C funding led by SBI Investment and Salesforce Ventures to expand internationally.

The Series C financing was led by SBI Investment and Salesforce Ventures to support international expansion and product development.

£38.3MSeries C

Onfido provides digital identity verification and authentication services using artificial intelligence to match photo identification with facial biometrics. The company helps global businesses securely grant user access while mitigating fraud.

Onfido has raised £38.3m in Series C funding to expand its market presence and advance product development. The investment round was led by SBI Investment and Salesforce Ventures, with participation from M12, FinVC, Acequia Capital, Tuesday Capital, Crane Venture Partners, Idinvest Partners, Augmentum Fintech, Wellington Partners, Plug & Play Venture Group, B&Y Venture Partners, CreditEase Ventures, TempoCap, and Talis Capital. Existing investors also contributed to the raise, taking the company's total funding past £76.5m.

The fresh capital will be deployed to consolidate Onfido's presence in the US market, grow operations across Europe and South-East Asia, and continue research and development of its identity verification technology. The financing follows a period of strong commercial growth for the business, which provides digital onboarding and fraud prevention tools to clients including DraftKings, Europcar, and Zipcar.

From the founder

"There has never been a more important time for companies to build trust with their customers by showing they are one step ahead of fraudsters,"

Frank van Veenendaal

Board Member at Onfido

Investor perspective

"We chose to invest in Onfido because they have proven their expertise at using artificial intelligence to effectively fight fraud, giving businesses a safe and secure way to scale their businesses online."

Tomoyuki Nii

Executive Officer, SBI Investment