London-based identity and background checking startup Onfido has raised a new round of venture funding. The financing was led by Salesforce Ventures, the investment arm of the CRM giant.
The size of the round is undisclosed.
The company’s machine learning-based technology is designed to allow financial services and on-demand economy companies to run Know Your Customer (KYC) and Anti-Money Laundering (AML) checks much more quickly than with manual document verification.
“As Fintech innovation continues to disrupt the financial services market, new methods of identity verification are required,” said Onfido CEO Husayn Kassai.
“On average, around 30% to 50% of consumers in some sectors won’t complete in-person identity verification; it’s slow, manual and often fails. By contrast, our remote, robust identity verification solution helps our clients onboard more users while reducing dropout and fraud. With the support of our new investors, we’ll be able to take our next-generation identity verification technology to new markets.”
Joining Salesforce Ventures in the round is Talis Capital and angel backers.
The company had previously raised more than $30m in funding from investors including Idinvest Partners and CrucnhFund.
Founded in 2012, Onfido now counts 145 employees across London and San Francisco offices.
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