London startup Onfido has raised new funding to help it scale its background checking technology.
The undisclosed funding — believed to be a seven figure sum — comes from Salesforce Ventures, Talis Capital, and a number of angel investors.
Founded in 2012, Onfido helps businesses like The Daily Mail and sharing economy startups like BlaBlaCar to verify that potential employees and customers are who they say they are.
The startup, which is aiming to attract more retail banks to its customer base, said the fresh injection of capital will be used specifically to expand its Know Your Customer (KYC) and Anti-Money Laundering (AML) products.
“Fintech innovation is disrupting and reshaping how financial companies operate,” said Husayn Kassai, CEO and cofounder at Onfido, in a statement. “But traditional ID verification technology is not keeping up. On average, between 30-50%& of people going through in-person ID verification do not complete the manual onboarding process.
“Onfido automates KYC/AML to eliminate inefficiencies and improve the experience on both sides of the transaction.”
Prior to the latest round of funding, Onfido had already raised $30.3 million (£23.5 million).
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