“Our record growth underscores the continued market demand for identity verification and authentication solutions and we’re delivering to meet that demand.” – Mike Tuchen, CEO, Onfido
Onfido‘s dramatic ascent continues, with the company reporting that it has beaten its own revenue record for the fifth consecutive quarter in a Q2 update.
Revenues increased more than 100 percent year-over-year, besting what had been Onfido’s strongest quarter to date in Q1, when sales were up 93 percent year-over-year. Sales were especially strong in the United States, where growth exceeded 200 percent year-over-year. In that case in particular, Onfido credited partner programs with Visa and Amazon, as well as partnerships in the cryptocurrency space.
What’s more, annual recurring revenues surpassed $100 million in the latest quarter, the privately held company says.
The company’s outstanding growth attests to the sophistication of its solution, which revolves around the use of facial recognition to match end user’s selfie images to their official identity documents. It also reflects broader interest in selfie onboarding technology, which intensified after COVID-19 accelerated the trend of digitization and drove more business across multiple sectors into remote, online channels.
“Our record growth underscores the continued market demand for identity verification and authentication solutions and we’re delivering to meet that demand,” explained Onfido CEO Mike Tuchen. “In this thriving digital economy, organizations require strong, flexible security that doesn’t compromise on user experience. Onfido equips organizations with the tools they need to consistently scale to meet these demands – and we’re only getting started.”
In announcing the results, Onfido highlighted a number of important developments that occurred during the quarter. The company launched its new Face Authenticate solution, developed in partnership with FaceTec; and it achieved iBeta Level 1 compliance for Onfido Selfie, attesting to the solution’s ability to detect presentation attacks in which genuine biometric credentials are mimicked.
Another Q2 development worth noting for those interested to learn more about Onfido’s technology is the company’s participation in a webinar with Microsoft, which has approved Onfido as a partner in its Azure AD Verifiable Credentials program. The webinar, featuring Onfido Director of Alliances & Partnerships Ed Ackerman and Microsoft Principal Program Manager Ankur Patel, is now available on-demand.
July 27, 2021 – by Alex Perala