Onfido has just seen its strongest sales quarter in the company’s nine-year history. The selfie biometrics specialist is reporting a 93 percent year-over-year increase in its revenues for the first quarter of 2021.
Sales were particularly strong in the United States and Central Europe, where Onfido says revenues increased by over 200 percent year-over-year. In a statement announcing the results, Onfido attributed the growth to accelerating interest from the financial services sector, and particularly from “challenger banks and companies focused on retail investing, payments and crypto.”
Meanwhile, Onfido’s partner ecosystem expanded by 116 percent, with new partners including major global brands such as Orange, Volkswagen (via its Financial Services division), and Microsoft, the latter of which named Onfido as one of the providers of biometric identity solutions that are compatible with its new Azure AD Verifiable Credentials.
Onfido has been growing its staff roster, too, which now amounts to a workforce of 428, including the recent addition of Onfido’s new Chief Product Officer, Alex Valle. Starting his career as a Product Manager in the Advanced Systems Engineering unit of Lockheed Martin’s “Skunkworks”, Valle has gone on to accumulate considerable engineering and product development experience with companies including Northrop Grumman, Google, and Criteo, among others.
Valle’s appointment was announced alongside Onfido’s strong Q1 results, with CEO Mike Tuchen highlighting his “enviable track record when it comes to building disruptive products,” and his “expertise in building scalable platforms that have consistently delivered billions in revenue, powered by innovative machine learning technology”.
As for Onfido’s fiscal results, they were likely helped along by the general spike in interest in selfie-driven remote onboarding and authentication solutions in the wake of a pandemic that has driven business across a range of sectors into digital channels. Tuchen, for his part, believes it’s part of a longer-term trend.
“We continue to see a strong push by financial services to digital-first and digital-only customer strategies, which has contributed to this record quarter, and there is no sign of it slowing down,” he said. “Enterprises see strong ROI from putting robust digital identity at the center of these strategies, enabling them to quickly scale and improve their customer experience without having to compromise on fraud protection or compliance.”
May 12, 2021 – by Alex Perala