Onfido is celebrating another strong performance in its most recent quarterly report. The company’s global Q3 sales are up 82 percent compared to the same period in 2019 after it more than doubled its sales to new customers. The company signed a total of 103 new clients, many of which are located in the United States, where sales are up a whopping 237 percent.
Those numbers build on Onfido’s comparable success in Q2, when year-over-year global and US sales were up 40 percent and 264 percent, respectively. The company indicated that many of its new customers are switching to Onfido after leaving their previous identity verification provider, and that many of those organizations are operating at the enterprise level.
In that regard, Onfido credited much its Q3 success to some of its more recent partnerships. The company signed a new reseller arrangement with Hub City Media, and reached other clients through its pre-existing partnerships with Okta and Salesforce. Curve, SwissBorg, and Deliveroo are some of the organizations that are now using Onfido’s face and document recognition technology to enable mobile onboarding for their customers.
Some of Onfido’s other Q3 highlights include the receipt of a £5 million grant from the Board of Banking Competition Remedies and a 2020 CyberSecurity Breakthrough Award for delivering the AI-Based CyberSecurity Solution of the Year. The company was also listed as one of CB Insights’ FinTech 250, while CEO and Co-Founder Husayn Kassai was named as London’s Young Entrepreneur of the Year.
“We made significant strides over the last quarter to make our product offering not only more conducive to enterprise-level organizations but also fairer when it comes to verifying people from different ethnicities,” said Kassai. “We believe these changes will only accelerate our growth further.”
Onfido is not the only identity verification provider doing well during the pandemic. Jumio posted its best sales numbers in company history in its latest quarterly report.
October 26, 2020 – by Eric Weiss