BUX will be integrating Onfido’s onboarding technology into its own neobroker platform. The arrangement will allow BUX to scale its platform more quickly, and builds on an existing relationship between the two companies.
The BUX neobroker platform – dubbed BUX Zero – is an online investment service that allows consumers to make investments across international borders without paying any commission fees. The service is currently available in six countries in Europe, but BUX is looking to expand to the rest of the continent after raising $80 million in capital at the beginning of the year.
Onfido’s technology will help support that mission, since it will give BUX a scalable and user-friendly onboarding solution that can deal with the anticipated influx of new customers. To that end, Onfido’s solution asks consumers to take a selfie and a photo of an official government ID. The platform will make sure that the document is authentic, and then use facial recognition to match the face on the document to the person in the selfie.
In doing so, Onfido will allow BUX to comply with Know Your Customer regulations in multiple jurisdictions. BUX Zero debuted in 2019, and has already made its way to the Netherlands, Germany, Austria, France, Belgium, and Ireland.
“In our efforts to scale efficiently across Europe, it was important that we work with a partner that would allow us to offer the same intuitive onboarding solution no matter where we go,” said BUX Chief Product Officer Aditya Pasumarty. “Having a turn-key onboarding solution in place has allowed us to expand even faster and focus our efforts on building out a more sophisticated offering for our clients.”
“We’re pleased to be supporting BUX in their mission of providing an accessible and intuitive digital investing experience for its customers,” added Onfido Netherlands GM and Global Fraud Head Michael van Gestel.
Onfido recently reported that its revenues are up more than 200 percent in German-speaking countries. The company has also opened a new office in Amsterdam in an effort to reach customers in the Benelux region. Tiger Brokers (Singapore) and the DeineTierwelt German pet exchange are some of the other customers that Onfido has signed in the past few months.
September 3, 2021 – by Eric Weiss