United Kingdom-based OneID raised over 16 million pounds (about $20 million) to grow its bank-verified digital identity service.
The company will use its latest funding to enhance its product offering, expand into new market sectors, and reach new customers, according to a Thursday (Feb. 13) press release.
“At OneID, our goal is to make the world safer by making digital identity verification more efficient and accessible for businesses and users,” OneID CEO Paula Sussex said in the release. “We’ve had a tremendous year in 2024 across several use cases.”
OneID uses bank-verified data to simplify customer verification, enables a document-free digital verification process that can be completed within 12 seconds, and prioritizes privacy by requiring consent to share personal data, according to the release.
The solution can be used by about 90% of U.K. adults who use online banking, per the release.
By making online identify verification more secure and seamless, the solution helps businesses streamline onboarding, increase sales, reduce operational costs and mitigate fraud risk, the release said.
“The Government’s growing focus on digital identity underscores the market’s need for simple and effective identification solutions,” Tim Mills, managing partner at ACF Investors, which led the funding round, said in the release. “OneID is delivering exactly that, enabling both fraud prevention and regulatory compliance for financial institutions.”
OneID partnered with Adobe to provide banks with a solution for servicing business banking accounts. By combining Adobe’s eSignature capabilities with OneID’s identity verification, the solution gives banks a way to modernize processes like updating account signatories.
The company also partnered with NatWest Group to launch a digital identity service for businesses. This collaboration enabled the British banking and insurance company to make its Customer Attribute Sharing service available as an embedded solution. For customers, this streamlines the process of signing up for new services, buying goods online and other online experiences.
Identity security firm Axiad raised $25 million in a funding round in August, saying it would use the financing for product development, hiring, enhanced sales/marketing efforts and to help the company obtain Federal Risk and Authorization Management Program (FedRAMP) Authority to Operate.
