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Onfido raises $25m to fund US expansion

on Friday, 15 April 2016. Posted in Investment, Finance

After closing a colossal series B funding round, the startup is set to complete its ten millionth background check this year

Onfido raises $25m to fund US expansion

Startups live or die on their ability to quickly recruit the right people. But sourcing the brightest talent may be easier said than done: two-thirds of CVs including false information and typically running background checks can slow down the hiring process considerably. Luckily, Onfido, the provider of automated background checks, has not only slashed the time it takes for businesses to check candidates’ records but it’s set only to explode from here, after raising $25m in its series B funding round.

Driven by investors including Idinvest Partners, Wellington Partners Venture Capital and Crunchfund, this latest round will be used to expand Onfido’s US operations, further capitalising on the 40% month-on-month growth the startup is seeing in its North American offices. But Onfido has bigger plans for the new funds than just bulking up its international operations; it also plans to use the money to improve the company’s automated and self-learning technology.

And it seems as if the landmarks just keep on coming for the startup. Onfido now works with over 1,000 clients – many of which are fintech and sharing economy businesses – round the globe from South America to Asia and the startup is also on track to carry out its ten millionth background check before the year is out.

“Trust is the new currency,” says Husayn Kassai, the company’s CEO and co-founder. “Whether it’s home-sharing or transferring money online, digital businesses rely on their users trusting each other in order to function and grow. With our team, our technology, and now Idinvest’s international expertise, we have everything we need to achieve our vision and become a global trust symbol, recognised by companies and consumers alike.”

With this new round of investment, Onfido is clearly checking all the right boxes.

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