TPG leads $100m round for Onfido

TPG is currently investing from its $3.7bn TPG Growth Fund IV, which closed in December 2017.

The investment will go towards internationally expanding, building out its product range and working on products appropriate for the coronavirus crisis, including virtual voting and passport applications.

The fundraising process began in January 2019.

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.

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

A $50m round was led by the venture capital arms of Japanese financial services business SBI Group and Salesforce in April 2019. 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).

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
TPG Capital – Mike Zappert (partner, TPG Growth).
Onfido – Husayn Kassai (CEO).

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