Microsoft invests in Onfido, an AI-based identity verification technology

Microsoft Ventures has invested in Onfido, an AI-based identity verification technology. Many businesses are in need to verify their customers. Onfido helps them to digitally verify them using machine learning technology. Onfido validates an user’s identity document and compares it with their facial biometrics. The identity can then be cross-referenced against international credit and watchlist databases. Onfido already has customers in 19 countries including Zipcar, Couchsurfing, Revolut and Square.

Husayn Kassai, CEO and co-founder of Onfido, stated, “The world is moving online, but the means to carry out identity verification is frozen in time in an offline world. Millions of people who don’t have a credit history – or just have a thin one – are unable to access everyday services. With our identity verification technology, those underserved people can access online services they need, and businesses can gain access to a whole new group of trusted customers.”

Yesterday, Onfido announced $30M in funding  with support from Microsoft Ventures and its previous investors. Onfido will use this funding for its R&D purposes and to meet customer demand globally.

“Smartphones are pervasive, powerful tools for accelerating the adoption of identity verification processes,” said Itxaso del Palacio, investment partner, Microsoft Ventures. “Onfido’s reliable and scalable intelligent services are helping millions of unbanked people worldwide access financial services by allowing them to open bank accounts, be verified for a job and more with the touch of a button. We’re proud to support its efforts with our investment.”

Some links in the article may not be viewable as you are using an AdBlocker. Please add us to your whitelist to enable the website to function properly.

Related
Comments