Entrust in talks to acquire Onfido
The security services provider payment cards, passwords and access controls, Entrust has is in discussion to acquire ID verification outfit Onfido.
If the deal progresses, Entrust would add Onfido’s cloud-based, artificial intelligence (AI)-powered identity verification (IDV) technology to its existing portfolio.
Entrust was founded in 1969 and its digital security portfolio includes identity, certificate, and HSM solutions that help financial institutions meet compliance obligations for protecting customer accounts.
Onfido acquisition would provide a modern AI undercarriage to bolster Entrust's suite of services.
Onfido is used by the likes of Revolut and Expensify to help identify users by analysing their photo ID and then matching it against a selfie video, using AI to catch fakes. The company has over $130 million in annually recurring revenue (ARR), more than 500 employees, and over 1200 clients. The firm's last public fundraise was in 2020 when it picked up $100 million in a round led by TPG Growth.
Todd Wilkinson, President and CEO of Entrust, says, “Onfido IDV solutions have proven their value in Europe’s high-compliance environment. With the proposed acquisition of Onfido, Entrust would have the opportunity to provide unmatched identity security solutions at a time when they are needed most among enterprises and institutions.
"Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more. Step-up authentication using biometric-based, AI-driven identity verification will be critical to ensuring security, privacy, and trust in these high-value digital-first interactions.”
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