Onfido has been named to CB Insights’ annual Fintech 250 list for the fourth consecutive year, adding the latest testament to the company and its selfie-based onboarding technology.
Compiled by the CB Insights Intelligence Unit, the Fintech 250 includes private fintech companies based on factors including their market potential, partnerships, and market momentum. Companies are selected from a pool of more than 17,000, making it a very exclusive club.
With Onfido having made the list in years preceding the COVID-19 pandemic, its inclusion this year (and in 2020) would seem to have been almost assured. The pandemic accelerated the financial services sector’s transition into digital channels, which was already a boon for Onfido’s business, further increasing demand for remote onboarding solutions, especially those that enable end customers to confirm their identity through a convenient selfie-based process.
Accordingly, Onfido’s most recent quarterly update showed that Q2 of 2021 marked its fifth consecutive quarter of record-breaking growth, with revenues up over 100 percent year-over-year. In the United States alone, year-over-year sales were up 264 percent.
“As financial services companies accelerate their move to digital, they need to be able to quickly and easily identify and authenticate customers in a remote setting without compromising user experience,” explained Onfido CEO Mike Tuchen. “Onfido’s AI-powered Real Identity Platform means businesses can verify, validate and authenticate their customers, enabling secure and fair digital access to create a more open digital world.”
While Onfido already has plenty of momentum, its inclusion once again in the CB Insights Fintech 250 bodes well for its prospects as a company. According to CB Insights CEO Anand Sanwal, 17 of last year’s Fintech 250 went on to IPO, and 25 were acquired. “The Fintech 250 has a history of spotlighting the very best fintech companies, and this year is no different,” Sanwal said.
In addition to making the Fintech 250 list, Onfido was also named to the CB Insights AI 100 list last year.
October 7, 2021 – by Alex Perala