Total amount raised
$100 Million
Latest funding date
4/1/2020
Location
Onfido has successfully raised funding over 10 rounds, with the latest being a Series D. The company is backed by 37 investors, including Crane Venture Partners and TPG Growth.
Keep reading to explore the intricacies of Onfido's fundraising journey and the investors backing this innovative platform.
What Is Onfido?
Onfido, now part of Entrust, specializes in automated digital identity verification. The company operates in multiple industries, including FinTech, Fraud Detection, Identity Management, Information Technology, and Software. Based in London, England, Onfido has an employee count ranging from 101 to 250.
Founded in 2012, Onfido has raised funding through 10 rounds and has made three acquisitions. The company leverages AI-driven analysis and biometric verification to provide secure and compliant onboarding experiences, preventing fraud and driving business growth.
How Much Funding Has Onfido Raised?
- Pre-Seed
- Amount Raised: GBP 150,000
- Date: June 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Onfido's identity verification technology.
- Seed
- Amount Raised: GBP 329,989
- Date: August 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine the company's core technology and expand its initial market presence.
- Series A
- Amount Raised: GBP 2,999,983
- Date: February 2015
- Lead Investors: Wellington Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series B (First Round)
- Amount Raised: GBP 10,012,994
- Date: April 2016
- Lead Investors: Idinvest Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and invest in technology development.
- Series B (Second Round)
- Amount Raised: Not publicly disclosed
- Date: August 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the business and enhancing product capabilities.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development initiatives.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: February 2017
- Lead Investors: Future Fifty
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources for scaling the business.
- Series C (First Round)
- Amount Raised: GBP 18,999,934
- Date: September 2017
- Lead Investors: Crane Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Series C (Second Round)
- Amount Raised: GBP 28,168,800
- Date: April 2019
- Lead Investors: Salesforce Ventures, SBI Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand global reach.
- Series D
- Amount Raised: USD 100,000,000
- Date: April 2020
- Lead Investors: TPG Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in machine learning technology and expand into new geographies.
Onfido has raised a total of USD 100,000,000. The current valuation is not publicly disclosed. The total excludes six rounds stated in British pounds (June 2013 to April 2019) and three rounds with undisclosed amounts.
Key Investors
- TPG Growth
- Details: TPG Growth is a global private equity firm that focuses on growth capital investments. It is part of TPG, a leading global alternative asset firm.
- Investment Focus Areas: Technology, healthcare, consumer, business services.
- Notable Investments: Airbnb, Uber, Spotify.
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies. They support the next generation of enterprise technology.
- Investment Focus Areas: Enterprise cloud, software, AI.
- Notable Investments: Zoom, DocuSign, Twilio.
- SBI Investment
- Details: SBI Investment is a Japanese venture capital firm that invests in various sectors including fintech and IT. They are part of the SBI Group, a financial services conglomerate.
- Investment Focus Areas: Fintech, IT, biotechnology.
- Notable Investments: Ripple, Brave Software, Paytm.
- Crane Venture Partners
- Details: Crane Venture Partners is a venture capital firm that invests in early-stage enterprise software companies. They focus on helping startups scale and succeed.
- Investment Focus Areas: Enterprise software, AI, data analytics.
- Notable Investments: Onfido, Tessian, Hadean.
- Idinvest Partners
- Details: Idinvest Partners is a European private equity and venture capital firm. They provide funding to innovative companies across various stages of growth.
- Investment Focus Areas: Technology, life sciences, digital.
- Notable Investments: Deezer, Meero, Secret Escapes.
What's Next for Onfido?
Entrust completed its acquisition of Onfido in April 2024, following an agreement announced in February 2024, and Onfido now operates as part of Entrust. Its April 2020 Series D of $100 million funded machine learning and expansion in North America, South East Asia, and Europe.
However, Onfido will face challenges such as intense competition, regulatory compliance, and the need to continuously improve AI technology to prevent fraud. Navigating these hurdles will be crucial for maintaining their competitive edge and ensuring sustained growth in the evolving digital identity landscape.
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