5 years ago

Onfido Secures £5 Million Grant for AI-Powered Identity Verification

  • Onfido, a UK-based technology company specializing in AI-powered identity verification, has been awarded a £5 million grant from the Banking Competition Remedies Ltd

  • The grant, part of the Capability and Innovation Fund Pool, aims to support the development of financial technology for SMEs

  • Onfido was selected out of nearly 100 applicants for its work in biometric fraud detection, data anonymization, and document fraud prevention

  • The funding will be used to further develop these technologies and integrate them with portable identity solutions, making it easier for SMEs to access financial products and services.

      • ProblemTechnology

      "Accessing financial products and services is a major challenge for SMEs due to the complexity, cost, and administrative burden of Know Your Business (KYB) identity verification checks."

      Solution

      "Onfido develops biometric fraud detection, data anonymization, and document fraud prevention technologies integrated with portable identity (PID) to streamline the KYB process for SMEs, making financial services more accessible."

      Covered on