Entrust in Talks to Acquire AI-Powered Regtech Firm Onfido for Over US$400 Millionby Fintech News Singapore February 8, 2024
Entrust, known for its secure payments, identities, and data protection solutions, has confirmed that it is in the midst of discussions to acquire Onfido, a London-based firm specialising in artificial intelligence (AI) and machine learning (ML) powered identity verification technologies.
According to TechCrunch, this deal could be worth “well above US$400 million”. This move could significantly enhance Entrust’s identity verification offerings with Onfido’s advanced biometric and document identification technologies.
This acquisition aims to integrate Onfido’s identity and verification technology into Entrust’s suite, potentially transforming the landscape of biometric authentication for high-stake transactions and digital signings.
Established in 2012, Onfido has a strong market presence with over $130 million in annual recurring revenue and a workforce exceeding 500. The company serves a diverse client base, including major financial, e-commerce, and shared economy platforms, across the globe.
Onfido’s technology supports over 200 million identity checks against more than 2,500 document types from 195 countries.
The company’s AI-driven Onfido Atlas platform offers end-to-end automated identity verification, enabling businesses to customise their verification processes according to specific requirements.
The potential acquisition is still under regulatory review and must meet legal prerequisites.
“We chose to enter into discussions to acquire Onfido because we believe they have the best-in-class IDV team, capabilities and tech stack in the world. With the emergence of AI-based attacks, the identity verification game has changed.
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,”
said Todd Wilkinson, President and Chief Executive Officer, Entrust.
“We’re excited to be entering into early and exclusive discussions with Entrust to potentially expand access to the most advanced and secure digital identity verification solutions worldwide.
Digital identities are enabling new levels of simplicity and access for people across the globe. The potential of Onfido’s powerful AI and machine learning-driven identity verification and Entrust’s proven identity security solutions would make a new world of digital trust possible.”
said Mike Tuchen, Onfido’s CEO.
Featured image credit: Edited from Freepik