Onfido grows revenue over 100% year-over-year and reaches more than $100M ARR
Onfido, the global identity verification and authentication provider, today announced it has broken its revenue record for the fifth consecutive quarter, with over 100% increase year-over-year in global revenue, ending Q2 2021. The company also surpassed $100M in annual recurring revenue.
This strong momentum was driven by over 200% year-over-year sales growth in the U.S., as well as significant partner program expansions. These included new engagements with Visa and Amazon in the U.S. and cryptocurrency trading platform Phemex, which joins a growing list of leading crypto partners such as Wirex and LocalBitcoins.
As the global economy recovers from COVID-19, real identity is a critical enabler of growth across all industries. Juniper Research (News - Alert) forecasts the digital identity verification market to reach $16.7B by 2026, with the total number of identity verification checks more than doubling in 2021 alone.
"Our record growth underscores the continued market demand for identity verification and authentication solutions and we're delivering to meet that demand," said Mike Tuchen, CEO of Onfido. "In this thriving digital economy, organizations require strong, flexible security that doesn't compromise on user experience. Onfido equips organizations with the tools they need to consistently scale to meet these demands - and we're only getting started."
Other notable achievements in Q2:
Onfido is setting the new standard for digital access. The company digitally proves a user's real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person's facial biometrics. This means businesses can see their customers for who they are, without compromising on experience, conversion, privacy or security. That's how Onfido gives companies the assurance they need to onboard customers remotely and securely.
Recognized as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Crane Venture Partners, Salesforce Ventures, M12 - Microsoft's (News - Alert) venture fund, and others. Onfido has raised $200m in funding, and with 400 team members across seven countries, is enabling digital access for some of the largest companies around the world.
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