Home Business NewsBusinessBusiness Growth News Onfido achieves exceptional 82% in Q3 sales growth

Onfido achieves exceptional 82% in Q3 sales growth

by LLB Tech Reporter
26th Oct 20 12:01 pm

Onfido, the global identity verification and authentication provider, today announced it has recorded exceptional Q3 2020 sales results, including an 82% increase in global sales over Q3 2019 and more than doubling sales from net new customers (103 new clients). The significant growth was fueled by new customers switching from other providers, with 237% growth in U.S. sales over the same period.

Onfido digitally proves a user’s real identity using artificial intelligence and human experts. According to Husayn Kassai, CEO and Co-founder of Onfido said, “Our mission is to create a more open world, where identity is the key to access. This starts with widening access, creating opportunities for everyone to connect with the services they need and making sure that it’s as inclusive as it can be. We made significant strides over the last quarter to make our product offering not only more conducive to enterprise-level organizations but also fairer when it comes to verifying people from different ethnicities. We believe these changes will only accelerate our growth further.”

Onfido’s strategy of partnering with Identity Access Management (IAM) industry leaders has led to increased demand from enterprise-level customers. This was spearheaded by new deals with ForgeRock’s leading reseller, HubCity Media, as well as deals with Salesforce and Okta customers. Joint marketing activities with leading IAM vendors included  an e-voting roundtable with Okta and integration  into Auth0’s Marketplace (the leading identity platform for enterprise developers). Onfido’s new Salesforce AppExchange release enables Salesforce customers to easily integrate onfido’s digital identity verification  into their existing workflows.

Identity proofing vendors have a responsibility to make sure everyone has fair and equal access to services. In Q3, Onfido’s FaceMatch algorithm, which establishes proof of identity document (ID) ownership, achieved market-leading accuracy with a 10X improvement on its previous algorithm while being the fairest it has ever been across all ethnicities. The technology was recognized by CogX as the “Best Innovation in Algorithmic Bias.”

Onfido was recently recognized in Gartner’s 2020 Market Guide for Identity  Proofing and Affirmation as a Representative Vendor, which reported: “Clients are now far more interested in understanding how vendors measure demographic bias, and whether they are working to address it.”

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