Fantastic news! Our portfolio company, Onfido, the global identity verification and authentication provider simplifying identity for everyone, today announced a breakthrough year for 2021. The company grew revenue 90% year-over-year to over $100 million, and achieved 134% year-over-year growth in the US.
In September 2021, Onfido’s digital identity checks surpassed 100 million, and just five months later, increased 50%, hitting 150 million, marking another major milestone for the company. To meet the increasing demand for Onfido’s verification and authentication services, the company expanded its workforce by 50%, to 600 employees, investing in research and development, advanced AI-powered fraud detection capabilities and customer success for enterprises worldwide.
With Goode Intelligence predicting that the number of identity verification checks will grow from 1.1 billion last year to 3.8 billion in 2026, it is clear that the demand for digital identity verification services is set to continue its explosive growth.
“Our strong year reflects the continued shift towards the critical adoption of digital environments where businesses are adapting to meet their users online,” said Mike Tuchen, CEO at Onfido. “With $56bn lost to identity theft in 2020 alone1, a fast, simple and secure online journey is imperative when it comes to building customer trust, which is why we are continuing to invest in our workforce, technology, research and development.”
Read more: Onfido
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