• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

Onfido Revenues Went Up 90 Percent Amid 2021’s Identity Verification Boom

February 23, 2022

“Our strong year reflects the continued shift towards the critical adoption of digital environments where businesses are adapting to meet their users online.” – Mike Tuchen, CEO, Onfido.

Onfido Revenues Went Up 90 Percent Amid 2021's Identity Verification Boom

Onfido has issued its latest business update, illustrating an acceleration in the identity verification specialist’s momentum over the last year.

Calling 2021 “a breakthrough year”, the company said that revenues were up 90 percent year-over-year, exceeding $100 million. In the United States market in particular, Onfido saw year-over-year growth of 134 percent.

The numbers reflect the broad and intensifying demand for remote onboarding and authentication solutions, a trend that has led to booming business for leading vendors of biometric solutions, particularly those that revolve around selfie-based facial recognition. For its part, Onfido said that its platform had processed over 100 million identity checks in September, and that this number had increased by 50 percent five months later.

Accordingly, Onfido has boosted its workforce by 50 percent over the past year, bringing it to a staff of 600.

Onfido’s update depicts strong momentum even after the company delivered impressive year-end results for 2020, when Onfido saw increased Annual Recurring Revenue by 82 percent and grew its workforce by 38 percent compared to the year before.

“Our strong year reflects the continued shift towards the critical adoption of digital environments where businesses are adapting to meet their users online,” explained Onfido CEO Mike Tuchen. “With $56bn lost to identity theft in 2020 alone, a fast, simple and secure online journey is imperative when it comes to building customer trust, which is why we are continuing to invest in our workforce, technology, research and development.”

The company’s update also highlighted a number of important business developments from 2021, including Onfido’s acquisition of acoustic liveness pioneer EYN, its launch of the new Face Authenticate solution, and the appointments of several experienced individuals to executive and board roles.

Onfido’s momentum appears to be going strong into 2022, with the company having recently announced that its technology is now being used to verify individuals using India’s Jeevansathi dating platform.

Further analysis of the ongoing ascent of selfie-based onboarding and authentication, meanwhile, can be found in the 2021 FindBiometrics Year in Review Report.

–

February 23, 2022 – by Alex Perala

Related News

  • Reporting Strong European Growth, Onfido Teams With DACH Online Identity SpecialistReporting Strong European Growth, Onfido Teams With DACH Online Identity Specialist
  • Onfido Saw Serious Growth Amid 2020’s Selfie Biometrics BoomOnfido Saw Serious Growth Amid 2020’s Selfie Biometrics Boom
  • Onfido Provides Selfie Onboarding for Bank Millennium PolandOnfido Provides Selfie Onboarding for Bank Millennium Poland
  • Remittances Specialist Leverages Biometric Onboarding Via OnfidoRemittances Specialist Leverages Biometric Onboarding Via Onfido
  • Wallester AS Opts for Biometric Onboarding Via OnfidoWallester AS Opts for Biometric Onboarding Via Onfido
  • Trust Stamp Reports Strong Growth in 2021Trust Stamp Reports Strong Growth in 2021

Filed Under: News Tagged With: Biometric, biometric identity verification, biometrics, business updates, corporate updates, face biometrics, facial recognition, Onfido, remote onboarding, selfie onboarding

Primary Sidebar

EXCLUSIVE MEMBERS ONLY CONTENT:

Become a FindBiometrics Member and gain easy access to specialty content, including the ID Tech column, replays of virtual events, and Identity School educational checklists:

ID TECH: What Role Will Biometrics Play in the Cyber Cold War? We’re About to Find Out [NEW]

Identity School: Facial Recognition Cheat Sheet

REPLAY: Travel & Hospitality Virtual Identity Summit

Sponsored Links

TECH5 showcase logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

Onfido logo

Onfido is building the new identity standard for the internet.Our AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely. Our mission is to create a more open world, where identity is the key to access.. For more information, please visit www.onfido.com

ThreatMark brings trust to the digital world by providing cutting-edge fraud prevention solutions. Major banks use ThreatMark’s AI-powered technology and behavioral biometrics to build secured banking experience to precisely verify their legitimate users, seamlessly across all digital channels. All while securing the users’ most precious assets and keeping the fraudsters away. Learn more: www.threatmark.com/

With its secunet border gears product portfolio and specialised consulting expertise, secunet supports police forces and security authorities in their sovereign tasks. Whether ABC gates, self-service kiosks or biometric middleware – each component helps to strengthen identity protection and to accelerate verification – in mobile and stationary scenarios.

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

Recent Posts

  • Web3 Gets Its First Smartphone, Featuring Biometric Authentication
  • Vivo X80 Pro Stands Out With Extra-large In-display Sensor
  • Apple Seeks to Kill Both the Password and the CAPTCHA With New Authentication Solutions
  • American Airlines Looks to Selfie Biometrics for Passenger Processing
  • VAIO Installs Fingerprint Sensors in New FE Laptops

Biometric Associations

IBIA and fido

Tweets

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2022 FindBiometrics