Image credits: Onfido
In an era of technological advancement, digital identification (Digital ID) provides a significant opportunity for value creation for both individuals and institutions.
According to Juniper Research forecasts, the digital identity verification market to reach $16.7B (approx €14.2B) by 2026, with the total number of identity verification checks more than doubling in 2021 alone.
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So far, many companies have tried to develop this relatively new technology. While many have failed, few have achieved large-scale implementation. One such company is Onfido.
Based out of London, Onfido digitally proves a user’s real identity using artificial intelligence (AI) by verifying a photo ID and comparing it to facial biometrics. In the latest development, the UK company has announced mobility company Lynk & Co as its latest customer in Benelux.
With this, Lynk & Co joins the list of companies like challenger bank bunq and LeasePlan Bank, as Onfido’s customers. On top of that, the company has also announced its new regional HQ in Amsterdam to offer further support for European customers particularly, in the financial services and mobility sectors.
According to the company, the new Amsterdam office will support the 216 per cent sales growth Y-o-Y in the region, where customers already include bunq and LeasePlan Bank.
Mike Tuchen, Onfido CEO, says: “Benelux is a growing hotbed of international fintech activity that requires robust identity verification for KYC. This has been an area of growth for Onfido, and we’re committed to providing the best possible service to our existing customers, as well as growing our business in the region. The establishment of our Netherlands office reflects this and the significant potential that comes with the rate of innovation across all the Benelux markets.”
How do Lynk & Co benefit?
Lynk & Co, which offers a membership-based mobility solution, has integrated Onfido’s AI-powered document and biometric verification solution to verify users quickly and efficiently.
Now, Lynk & Co users can sign up for the service by simply taking a photo of their ID (identity document) and taking a selfie. The company’s AI solution first checks the ID, whether it is genuine or fraudulent, and then matches the ID to the user’s face.
Commenting on the news, Onfido’s Global Head of Fraud and General Manager for the Netherlands, Michael Van Gestel – says: “Identity fraud is on the rise, and has been exacerbated by the Covid-19 pandemic. Our latest Identity Fraud Report highlighted a 41 per cent increase in ID fraud attempts over the previous year, and with more consumers continuing to turn to digital services, we anticipate that this trend will continue. By automating KYC processes with identity verification, businesses are protected against sophisticated fraud and benefit from an improved onboarding process for their customers.”
Onfido: What you need to know
Founded by Eamon Jubbawy, Husayn Kassai, Ruhul Amin, and Imran Tehal, the company aims to verify its users without compromising on experience, conversion, privacy, or security.
So far, the company has raised $200M (approx €170M) in funding from various investors, including TPG Growth, Idinvest Partners, Crane Venture Partners, Salesforce Ventures, M12 – Microsoft’s venture fund, and others. The company employs around 400 people across seven countries.
Last month, the company announced that it has broken its revenue record for the fifth consecutive quarter, with an over 100 per cent increase YoY in global revenue, ending Q2 2021. The company also surpassed $100M (approx €85.2M) in annual recurring revenue.
“Our record growth underscores the continued market demand for identity verification and authentication solutions, and we’re delivering to meet that demand,” says Tuchen.
Lynk & Co: What you need to know
Lynk & Co is an urban mobility brand addressing the needs and preferences of the connected generation and challenging auto industry conventions.
With the platform, members can access a car on a flexible, month-to-month basis and share with friends, family, and the Lynk & Co community.
Recently, Lynk & Co has announced a partnership with Renault Samsung Motors to develop eco-friendly cars, but in the Korean market.
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