Onfido is in talks to be acquired by a US-based rival in a deal reportedly worth more than $400 million.

Entrust confirmed that it has entered into exclusive discussions to acquire the London-headquartered firm, founded at Oxford University in 2012, with a TechCrunch source claiming the mooted figure was “well above” $400m.

Onfido provides digital identity verification solutions to more than 1,200 customers worldwide including some of the world’s leading financial institutions – such as leading digital banks – eCommerce, gambling and gaming companies, and sharing economy platforms.

It has over $130 million in annual recurring revenue and more than 500 employees. 

Entrust is a global leader in trusted payments, identities and data security. Any agreement remains subject to regulatory approval.

“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,” said Mike Tuchen, Onfido’s chief executive officer. 

“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.”

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Onfido helps millions access services every week – from billion-dollar institutions to hyper-growth startups. The company has safely processed more than 200m identity checks with 2,500+ document types and passports from 195 countries. 

The platform allows businesses to tailor verification methods to individual user and market needs in a no-code orchestration layer – combining a mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction, and regulatory requirements. 

Onfido Atlas AI powers the platform’s fully automated, end-to-end identity verification.

“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. 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,” said Todd Wilkinson, president and chief executive officer, Entrust.

“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.

“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.”

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