📋 Tender Overview
Onfido the global identity verification and authentication provider announced another record-breaking quarter with a 93 increase year-to-date YTD in global revenue and 100 growth in annually recurring revenue ARR. The company also announced its acquisition of biometric innovator EYN whose industry-first acoustic liveness technology will be incorporated into Onfidos Real Identity Platform with its employees joining Onfidos research and biometrics teams.This strong momentum was driven by continued growth in U.S. and APAC regions and increased demand by financial services and mobility companies looking to scale up their remote customer onboarding. Onfido also strengthened its leadership team during Q3 with two strategic hires including Faisal Chughtai who joins as Chief Financial Officer former CFO of Inxeption and Executive Director at JPMorgan Chase and Nello Franco as Chief Customer Officer former Managing Director of Customer Operations at Vista Consulting Group and SVP Customer Success at Talend.Were excited to announce another record quarter powered by strong U.S. and APAC growth as businesses emerging from COVID-19 realize the benefits of digital-by-default customer acquisition strategies said Mike Tuchen CEO of Onfido. As we continue to increase our investment in research and development to fill out our arsenal of tools to fight fraud were pleased to welcome the EYN team to the Onfido family. By combining their LiveProof anti-spoofing technology with our existing image-based liveness detection well be able to offer a liveness product that is unmatched in the industry. Since the onset of the COVID-19 pandemic there has been a 60 increase in consumers accessing online services from banks to insurance companies and retail. More consumers online have led to more cybercriminals attempting to set up fake accounts by impersonating legitimate customers. Liveness detection technology from Onfido and EYN aims to stamp this out by ensuring document and biometric checks are submitted live and that photos or deepfakes cannot be used to spoof legitimate users.Were thrilled to join Onfido to help shape the future of online identity verification and allow more people to gain access to the vital services they need said Dr. Sheikh Faridul Hasan. We share the same philosophy as Onfido building trust and security at onboarding and throughout the customer journey doesnt mean that companies need to compromise on user experience or fraud detection. EYNs industry-first anti-spoofing technology uses audible sound and ultrasound wavelengths from a mobile device to actively probe for the presence of a live person much like a sonar system. Its patented LiveProof technology will be incorporated into Onfidos Real Identity Platform strengthening existing image-based biometric anti-spoofing capabilities to give customers greater assurances that their remotely onboarded users are who they say they are.As we move to our next phase of growth Im also excited to welcome two US-based industry veterans to our executive team. Faisal brings 20 years experience as a CFO GM and Investment Banker for internet and software companies growing businesses at scale and deep experience with IPO financing and MA strategies. Nello joining as CCO has advised Vistas 70B enterprise portfolio companies and transformed public companies into customer-first organizations. His role at Onfido will drive cross-functional initiatives across the company to ensure our marketing sales and customer-facing teams communicate sell and deliver the value that we promise to our customers.Other notable achievements in Q3Forrester Research Total Economic Impact Study of Onfido finds a 261 ROI to businesses with payback in less than 6 monthsPartnered with Okta on Digital by Default survey an exclusive global research report exploring the shift in global consumers expectations around digital identity verificationUS Border Control training with INTERPOL trained U.S. immigration officers on the latest document examination techniques Industry accolades Onfido was named a 2021 CB Insights Fintech 250 for the fourth consecutive year earned the 2021 Cybersecurity Breakthrough Award for Fraud Prevention Innovation of the Year and won Security Innovation of the Year in the National Technology Awards.
