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Onfido Helps TransferGo Onboard New Users Faster

Identity verification specialist Onfido will work with international remittance specialist TransferGo to accelerate the company’s onboarding process. With more than 650,000 users and adding 1,000 new customers a day, TransferGo will leverage Onfido’s machine learning-based technology as it brings new users to its platform during its global expansion.

“Onfido enables us to deliver the swift service our customers expect, without compromising on security,” TransferGo CEO Daumantas Dvilinskas said. “Their risk-based approach means we can confidently verify our users, and don’t have to add unnecessary friction where it’s not needed.” Dvilinskas called the company’s partnership with Onfido “imperative to our international growth.”

Onfido’s automated identity verification technology will make it that much easier for TransferGo to facilitate money transfers across borders for new customers. All TransferGo’s users need to do is take a selfie and present a photo of their identity document. Onfido’s technology compares the two images to ensure they are identical, and cross-references the customer’s identity against international sanctions and watch lists.

“As a RegTech, we know how critical a smooth, secure and speedy onboarding process is for users,” Onfido CEO Husayn Kassai added. “(We) look forward to helping TransferGo deliver that to new global markets and across new products.”

Onfido was founded in 2012. The company made its Finovate debut earlier this year, demonstrating its Facial Check with Video technology at FinovateEurope 2018. Featured in Gartner’s Cool Vendors in AI for Banking and Investment Services report for 2018, Onfido partnered with Claim Technology earlier this month and, last month, teamed up with LendInvest to help the company enhance its due diligence process.

Named one of the 100 hottest startups in Europe by WiredUK, Onfido also announced recently that it would secure drivers for India’s largest ride share company, Zoomcar. Additional partnerships forged this year include agreements with HBUS, the strategic partner of cryptocurrency exchange, Huobi; as well as with P2P ride sharing firm, Snappcar, and bitcoin exchange, Bitstamp.

Onfido has raised $60.3 million in funding. The company’s investors include Idinvest Partners (acquired by Eurazeo); Wellington Partners, and Crane Venture Partners.