Onfido raises $50M led by SBI Investment and others to create the Identity Verification Standard for Businesses Globally

Onfido raises $50M led by SBI Investment and others to create the Identity Verification Standard for Businesses Globally

Apr 3, 2019

Augmentum are delighted to have invested £4.0m in Onfido as part of their fundraise. “Digital identity verification is one of the key growth areas within fintech, where both incumbents and emerging players are all focusing significant energies. We believe Onfido will soon underpin much of the B2C fintech ecosystem and ultimately become the global leader in this space”, says Augmentum’s Tim Levene.

A PR Newswire article published today said the following;

“Onfido, the global identity verification provider, today announced it has raised $50M in funding, bringing the total investment in the company to over $100M. The round was led by SBI Investment and Salesforce Ventures, with support from M12 (formerly Microsoft Ventures), FinVC and others, including existing investors. Frank van Veenendaal, former Chief Sales Officer and Vice Chairman of Salesforce, joins Onfido’s board.

The investment will accelerate Onfido’s goal of using AI to standardise the way businesses verify identities in a scalable and secure way. It will help Onfido consolidate its core market in the USA, accelerate its expansion into high-growth regions including Europe and South-East Asia, as well as advancing product development. “

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Rahil Patel

Rahil is an Analyst at Augmentum. He joined the fund full-time following a Summer internship in 2018.

Prior to Augmentum, Rahil studied Geography at Durham University and has previously worked with Mayfair Insurance Company and Sipsmith Gin.

When he is not curating the office Alexa playlist, Rahil tries to keep up with his passion for DJing that began at university.

Learn more about Rahil in this blog post.

Georgie Hazell

Georgie heads up engagement at Augmentum, which involves supporting portfolio companies, engaging with investors and the wider fintech ecosystem (including marketing and events), and supporting the team internally.

Georgie has worked in a number of startups across people, strategy and growth leadership positions. Following her MBA and a consultancy project with Crowdcube, Georgie moved into venture capital.

Passionate about diversity and inclusion, particularly in VC and entrepreneurship, Georgie founded women in tech network Elevate, led on UK expansion for Her Campus Media, volunteers with Diversity VC and mentored with The Girls Network.

Ellen Logan

Ellen is an Investment Associate at Augmentum. She previously worked at OC&C Strategy Consultants and at HR analytics startup Bunch. Ellen studied Economics at the University of Edinburgh.

Outside of the office she spends her time practicing yoga, experimenting in the kitchen and exploring the art galleries of London.

Learn more about Ellen in her ‘Meet the Team’ blog here

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Sofia Wiecko

Sofia oversees the financial and administrative operations at Augmentum and has over 15 years’ experience in financial accounting.

Believing in giving back to the community, Sofia is active in a number of local charities.

Hayley Manning

Hayley is Augmentum’s Office Manager and PA. Prior to working at Augmentum, Hayley worked at law firm Stephenson Harwood.

Nigel Szembel

Nigel leads Public Relations and Investor Relations at Augmentum. Nigel has had an international career in corporate affairs, communications and investor relations which, over 30 years, has included responsibility for UK, regional (EMEA and Latin America) and global functions; covering high-profile public companies, private companies, prominent individuals and public bodies, primarily in the financial services sector but also taking in consumer/fashion, planning policy, arts and the environment.