Onfido delivers record revenue year for fiscal 2020

Fantastic news from our portfolio company, Onfido, the global identity verification and authentication provider, as they announce unprecedented growth in 2020. Global annual recurring revenue (ARR) increased by 82% year-over-year.  The company more than doubled its sales in the US, which is one of its fastest growing regions. In addition, the company added 320 new clients to its roster, fueled by an acceleration of digital transformation initiatives by enterprises worldwide.

According to Gartner, “69% of boards of directors (BoDs) accelerated their digital business initiatives in the wake of COVID-19 disruptions.”* This, together with a 41% increase in identity fraud, spearheaded the need for greater and more sophisticated remote security measures, in particular identity verification.

“Driven by the global pandemic and the associated shutdowns, digital tools and technologies that enable a touch-free world have enabled us to continue working, shopping, learning, and receiving healthcare,” said Mike Tuchen, CEO of Onfido.  “Digital identity verification is at the heart of all of these online services. As a result, in 2020 organizations have accelerated their digital transformation initiatives. This unprecedented drive to digital drove the demand for Onfido verification services to record levels.”

Read more: Onfido

Source: Onfido