VCs in $50m round for Onfido

Kenny Wastell
04 April 2019

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A number of venture capital firms have taken part in a $50m funding round for Onfido, a London-based provider of automated background checks and identity verification.

The round was led by the venture capital arms of Japanese financial services business SBI Group and Salesforce. It saw participation from Acequia Capital, Tuesday Capital, Crane Venture Partners, Idinvest Partners, Augmentum Fintech, Wellington Partners, Plug & Play Venture Group, B&Y Venture Partners, CreditEase Ventures, TempoCap, Talis Capital and M12 (formerly known as Microsoft Ventures).

The latest funding round brings the total amount raised by the company to more than $100m. It will fund product development and Onfido's plans to expand into new European and south-east Asian markets, as well as consolidating its presence in the US.

According to a statement, Onfido's revenues have grown by 342% year-on-year.

Former Salesforce vice-chairperson and chief sales officer Frank van Veenendaal will take a seat on the Onfido board following the deal.

Previous funding
Wellington led a $4.5m series-A for Onfido in 2015, with CrunchFund also taking part in the round.

Idinvest, Wellington and CrunchFund then took part in a $25m series-B funding round for the company in 2016, with the capital earmarked for product development and the expansion of Onfido's US operations.

Most recently, Crane led a $30m series-C for Onfido in 2017.

Company
Founded in 2012 and headquartered in London, Onfido's platform provides background checks and identity verification to companies looking to vet potential employees or clients. It has additional offices in San Francisco, New York, Lisbon and New Delhi, and its clients include Orange, Indiegogo, Bitstamp, Zipcar and Revolut.

People
SBI Investment – Tomoyuki Nii (executive officer).
Onfido – Husayn Kassai (CEO, co-founder).