TECHNOLOGY

AI ID specialist Onfido in talks to be bought by Entrust

Digital Author February 12, 2024

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UK-based mostly entirely mostly cyber unicorn Onfido has the same opinion to enter talks to be acquired by Entrust

Alex Scroxton

Alex Scroxton,
Security Editor

Printed: 07 Feb 2024 12: 00

London-based mostly entirely mostly identification verification unicorn Onfido is more probably to be bought by Entrust, a US-based mostly entirely mostly payments, identification and recordsdata safety specialist, for an as-but undisclosed sum, after the 2 organisations agreed to enter queer discussions.

The acquisition, which at this stage is described as “contemplated”, would peep Entrust add synthetic intelligence (AI) and machine finding out (AI/ML)-based mostly entirely mostly biometrics and a doc identification verification (IDV) tech stack to its existing portfolio, leveraging biometrics-based mostly entirely mostly, phishing-resistant authentication in excessive-value transactions and signing occasions.

The two corporations said the acquisition would combine “industry-main” expertise to give enhanced identification-based mostly entirely mostly choices, enabling more relied on and fetch interactions at scale for folks and organisations alike.

“We selected to enter into discussions to fabricate Onfido because we predict about they have got the correct-in-class IDV group, capabilities and tech stack in the field,” said Todd Wilkinson, president and CEO of Entrust.

“With the emergence of AI-based mostly entirely mostly assaults, the identification verification game has modified. Deepfakes and synthetic identification are riding a world need for a highly efficient diploma of identification assurance that facilitates wanted digital journeys in banking, finance, authorities, commute and more. Step-up authentication the utilization of biometric-based mostly entirely mostly, AI-pushed identification verification will probably be excessive to guaranteeing safety, privateness and belief in these excessive-value, digital-first interactions.

“Onfido IDV alternate choices have proven their value in Europe’s excessive-compliance ambiance,” he said. “With the proposed acquisition of Onfido, Entrust would have the skill to give unmatched identification safety alternate choices at a time after they are wished most among enterprises and institutions.”

Onfido CEO Mike Tuchen said: “We’re mad to be entering into early and queer discussions with Entrust to potentially extend win entry to to primarily the most evolved and fetch digital identification verification alternate choices worldwide.

“Digital identities are enabling original phases of simplicity and win entry to for folks across the globe,” he said. “The functionality of Onfido’s highly efficient AI and machine finding out-pushed identification verification and Entrust’s proven identification safety alternate choices would develop a original world of digital belief imaginable.”

Founded 12 years previously by previous Oxford University students Hussayn Kassai, Eamon Jubbawy and Ruhul Amin, Onfido used to be born out of the frustration the three experienced when searching to sure the identification assessments wished to work in the financial companies and products industry. After securing £20,000 of seed funding from the Saïd Industry School, they launched Onfido in gradual 2012, and secured their first buyer, an net cleansing companies and products platform, in January 2013.

Since then, Onfido has grown into a £103m turnover, 500-solid industry with over 1,200 potentialities across the field, in sectors equivalent to banking, playing and gaming, and sharing economy platforms. About a of its famous financial companies and products potentialities consist of Revolut, The Co-operative Monetary institution and TSB. It claims to have processed over 200 million identification assessments with more than 2,500 doc kinds and passports from over 195 countries.

With roots in the bank card manufacturing and issuance industry dating back to the 1960s, Minnesota-based mostly entirely mostly Entrust equally specialises in identification and win entry to management (IAM) expertise and companies and products. In its lifetime, it has issued over 20 billion fee cards and currently protects over 100 million group and user identities, as effectively as encrypting and securing over 24 million Swift switch messages day by day. Its potentialities consist of unified comms company Polycom and fee companies and products experts Sq. and Verifone.