Car-sharing platform SnappCar has selected RegTech 100 company Onfido to verify its users in The Netherlands, Denmark, Sweden and Germany.
Onfido’s technology will enable SnappCar to verify the identities of users signing up to the platform in a rapid and robust way. Users can simply upload a photo of an identity document to complete the verification process, allowing more people to join the service more quickly.
The RegTech’s ability to service global users by accepting 600 document types across 192 territories was a key consideration for partnering according to SnappCar. Having launched in 2011, SnappCar services 400,000 users in 4 countries across Europe.
“Onfido improves the speed of our identity verification process. They enable us to be much more flexible in adapting the verification criteria, which means a better verification experience for our international userbase,” said Erica Rasch, product owner at SnappCar.
Onfido’s roster of clients in the P2P car sharing space, already include Drivy, BlaBlaCar, EasyCar and Turo.
Founded by three entrepreneurs from Oxford University, Onfido has received over $60m in funding from investors including Microsoft Ventures, Salesforce Ventures and Idinvest Partners.
Headquartered in London, Onfido’s machine learning technology platform automates identity verification for over 1,500 customers worldwide. Through a photo of an identity document and a mobile camera, users can confirm their identity and gain access to a host of online services, including financial platforms such as Revolut and Square, and sharing economy companies such as Couchsurfing, among others.
Earlier this year, Bitcoin exchange Bitstamp picked Onfido to provide to its ID verification during onboarding to meet KYC and other regulations. The deal aims to help the company scale onboarding efforts and clear its backlog of customer signup requests, which has been created by the upsurge in digital currency interests.
Arro Money, a provider of personal and business accounts, also recently partnered with the RegTech 100 company Onfido to offer real-time ID verification and KYC checks. By using the global identity verification provider’s technology, Arro claims that new customers will have full access to an account in just three minutes.
Last year, Onfido was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
