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Onfido to Power KYC for Arro Money

Identity verification company Onfido announced today it will power real time identity verification and KYC checks for Arro Money, a financial services company that provides personal and business accounts.

Leveraging Onfido’s technology, Arro Money will provide financial services access to underbanked businesses. Onfido’s eKYC data and real-time verification for passports, ID cards, and drivers licenses from 160 countries offers fast due diligence checks that will offer Arro Money’s new clients access to its services in three minutes.

Director at Arro Money, Muhammad Asim said that through its partnership with Onfido the company can improve its customer service and eliminate excessive credit checks. “Ultimately,” Asim continued, “we are helping to improve accessibility and financial inclusion… by having this strong alliance with Onfido, our customers’ identification is verified securely, simply and, above all, quickly.” Arro Money has already onboarded 10,000 customers with advanced KYC checks and aims to acquire 50,000 more business accounts over the next 12 months.

Founded in 2012, Onfido leverages machine learning technology to validate a user’s identity document and compare it with their facial biometrics. To insure the validity of the documents, the company cross-references identities from 192 countries against international credit and watchlist databases.

Onfido has raised more than $60 million in funding from investors including Microsoft Ventures, Salesforce Ventures, and Crunchfund. The company’s clients include ZipCar, Couchsurfing, Revolut, and Square. Onfido will demo its newest tech on stage, alongside dozens of other companies, at FinovateEurope next month. Register today to be a part of the audience.