Onfido Reaches New Heights With Company’s Best Quarterly Revenue
Onfido, the global identity verification, and authentication provider, today announced its best sales quarter in the company’s nine-year history, with revenue increasing 93% year-over-year. This strong momentum was attributed to another solid quarter in the United States (U.S.) and Central European markets, where revenues increased over 200% y-o-y in each region. This unparalleled growth was fueled by an acceleration in engagements from financial services organizations worldwide, specifically challenger banks and companies focused on retail investing, payments, and crypto.
By 2022, Gartner predicts that 80% of organizations will be using document-centric identity proofing as part of their onboarding workflows, which is an increase from approximately 30% today.
“We continue to see a strong push by financial services to digital-first and digital-only customer strategies, which has contributed to this record quarter, and there is no sign of it slowing down,” said Mike Tuchen, CEO of Onfido. “Enterprises see strong ROI from putting robust digital identity at the center of these strategies, enabling them to quickly scale and improve their customer experience without having to compromise on fraud protection or compliance.”
The company grew its staff to 428 by the end of Q1 and brought on a new Chief Product Officer, Alex Valle. A seasoned product leader and GM, Valle has over two decades of experience building, launching, and scaling disruptive product platforms. He held leadership positions at Google, where he was responsible for personalization products delivering $7B worth of global revenue, and at Criteo, where he built and scaled six product platforms from zero to $300M, attracting 20,000 customers across 100 countries. Alex started his career as an AI and machine learning engineer at Lockheed Martin’s “Skunkworks” innovation lab and holds an MBA from Wharton, an MS in Engineering from Georgia Tech, and a BS in Engineering from UCLA.
“Alex has an enviable track record when it comes to building disruptive products,” said Tuchen. “His expertise in building scalable platforms that have consistently delivered billions in revenue, powered by innovative machine learning technology, will continue to set Onfido apart in the market.”
Other notable achievements in Q1:
Onfido’s partner ecosystem sales grew 116% year-over-year. Key deals were made with:
- Microsoft – to enable fast and secure identity verification and onboarding for its Azure Active Directory (Azure AD) verifiable credentials
- Volkswagen Financial Services for quickly verifying customer identity and signing financing agreements either remotely or in-person
Industries such as financial services, retail, payments, and money transfer services rely on Onfido for fighting fraud while offering a seamless customer experience. During Q1 2021, demand for remote identity verification in these industries soared, leading to key business wins with:
- Orange – signed first European mobile operator, offering customers self-service identity verification for the Orange Flex mobile plan
- Mangopay – partnered with this leading end-to-end payment solution provider, to provide identity verification for streamlining user onboarding for its 2,500 platforms spanning 26 countries
- One – the US digital banking service aimed at driving financial wellness for middle income households, partnered with Onfido to verify the documents of customers onboarding, increasing its verification volumes by 230%
- Bitex – leading cryptocurrency exchange, partnered with Onfido, reducing investor onboarding time from 48 hours to 60 seconds
Onfido was recognized by two industry awards in Q1 for its innovations around biometrics and machine learning / AI:
- Kuppingercole Market Compass for Providers of Verified Identity – awarded ‘Outstanding in Biometric Data Analysis’ distinction
- Shortlisted for the SC Awards Europe 2021 occurring in June for ‘Best Use of Machine Learning / AI’