Onfido Raises $100 Million

Onfido is a startup in the identity verification space; the company leverages AI to analyze identity documents and also uses facial recognition technology to verify users; today they announced a $100 million round led by TPG;  they plan to use the funds in part to build an alternative identity verification layer of the internet with the aim to replace credit bureaus, Facebook logins and other channels; Onfido is also exploring other use cases due to the pandemic; Husayn Kassai, CEO and co-founder stated, “Identity is broken and needs fixing…That’s been a large part of our focus, and as time goes on, our processes in digitisation, privacy and security have been proven out in parallel with how the world is shifting.” While details of the valuation weren’t shared Kassai confirmed it was an up round; they last raised $50 million one year ago and have raised $200 million in total. TechCrunch