Late yesterday, we heard the information that Onfido, a pioneer in ID verification utilized by banks and fintechs everywhere in the world, goes to be acquired by Entrust, a diversified safety and verification firm.
It appears like somebody leaked this deal as a result of in response to the press launch from Entrust this morning, the phrases are usually not but finalized. There is no such thing as a cut-off date but however TechCrunch has discovered that the acquisition worth is supposedly nicely over $400 million.
Whereas Onfido has shoppers throughout completely different industries it actually grew up alongside the fintech area as fintech firms have been early adopters of AI and machine-readable verification instruments.
For extra colour on Onfido, you possibly can take heed to my podcast with their founding CEO, Husayn Kassai, right here and their present CEO, Mike Tuchen, right here.
Anti-fraud and ID verification instruments are in scorching demand proper now as each financial institution and fintech firm needs to construct a frictionless expertise whereas on the similar time catching as a lot fraud as doable.
There are going to be some very massive firms created on this area and clearly, Entrust is seeking to be one of many leaders right here.
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By Ingrid Lunden
Onfido, an early mover on the planet of identification verification utilizing laptop imaginative and prescient, machine studying and different AI instruments, is getting acquired, TechCrunch has discovered and confirmed.
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