Onfido Delivers Record Revenue Year for Fiscal 2020
82% increase in global ARR fueled by strong demand from enterprises
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
Onfido’s partner ecosystem sales grew 176% year-over-year.
Other notable achievements in 2020:
Onfidoincreased headcount by 38% YoY, growing its total number of employees to over 400; attracting top talent and more than doubling its headcount in the US. Key appointments included: Mike Tuchenappointed as CEO (US-based) - veteran technologist and former CEO of Talend, with an established track record of scaling technology and software businesses globally Frank van Veenendaalappointed as Chairman (US-based) - former President and Vice Chairman of Salesforce, credited with rapidly growing Salesforce’s billion-dollar SaaS business
$100Min funding led by TPG Growth- (backers of Airbnb and Uber) bringing total investment in Onfidoto over $200M
Product & Research highlights:
Onfido’s FaceMatch algorithm
- developed in consultation with the U.K.’s
Information Commissioner's Office, achieved market-leading accuracy with a 10X improvement and market leading performance for recognition across all ethnicities.
- Known Faces - automatically flags faces seen before within a customer’s system, preventing sophisticated fraudsters from repeatedly gaining access.
- New accessibility features - SDK accessibility features enable people with disability and impairments to connect to more businesses and services.
Launched Center of Applied AI- publishes research and articles focused on developing best practices and building high-performance AI and machine learning powered systems.
SOC 2 Type 2
- achieved certification involving a deep-dive 3rd party audit on how
Onfidosafeguards customer data, ensuring it meets the highest industry standards.
Key Business Wins:
Industries such as financial services, retail, online gaming, payments and money transfer services rely on
- Banking - secured contracts with two of the top ten largest global banks ranked by revenue.
Payments / Money Transfer - secured contracts with two of the top four ‘Buy Now, Pay Later’ firms in the US and
Europe. Won one of the top ten US money transfer services.
Crypto Exchanges - signed three of the top ten crypto exchanges with a combined market cap of
- Retail Delivery Services - partnered with a top ten global food delivery service to verify the identity of its drivers.
Online Gaming - became a licensed vendor in ten US states. Secured contracts with two out of the top four online gaming companies in the US ranked by revenue. In
Europe, partnered with the largest sportsbook operator, a football focused trading operator and one of the largest online casinos.
- FinTech50 - ranked 1st out of 2,000 on this list of most innovative fintech companies for the second year running
Deloitte Technology Fast 500
- ranked 46 out of 500 on this list of fastest-growing technology companies in
- Sunday Times Sage Tech Track 100 - ranked 32 out of 100 on this list of fastest-growing private companies
- CB Insights’s’ AI 100 - named to the 2020 CB Insights AI 100 list of most innovative Artificial Intelligence startups
- CogX Awards - “Best Innovation in Algorithmic Bias Mitigation” and “Outstanding Leader in Accessibility
InfoSec Award for Best Next Gen Fraud Prevention Product of the Year’
– awarded by
Cyber Defense Magazine
- Gartner’s 2020 Market Guide for Identity Proofing & Affirmation - mentioned as a representative vendor for a second year in a row**
- Forrester’s Wave: Customer Identity & Access Management, Q4 - mentioned as a representative vendor
Watch a demo of Onfido’s award-winning identity verification technology and experience how the company digitally proves a user’s real identity using AI.
Recognized as a global leader in AI for identity verification and authentication,
*Gartner Press Release, Gartner Says 69% of Boards of Directors Accelerated Their Digital Business Initiatives Following COVID-19 Disruption,
**Gartner, Market Guide for Identity Proofing and Affirmation,