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Entrust acquires Onfido, a student startup based in Oxford, for its sophisticated AI technology specializing in identity verification. The purchase underscores Entrust's commitment to enhancing security measures through innovative solutions, positioning the company at the forefront of identity authentication in an increasingly digital world.
Entrust, a leader in trusted payments, identities, and data security, has finalized its acquisition of Onfido, a digital identity verification startup based in the UK. This strategic move expands Entrust's portfolio to offer the most comprehensive range of AI-powered, identity-centric security solutions in the industry. While the financial details of the acquisition were not disclosed, it is expected to yield significant returns for the University of Oxford, marking one of the highest-value returns on investment for a student-led startup associated with the university. The proceeds from the acquisition will be utilized to support the development of additional companies and entrepreneurship programs at Oxford.
Entrust will enhance its suite of services by integrating Onfido's identity verification solutions, leveraging its biometrics, AI/machine learning, and no-code orchestration capabilities. These enhancements include automated security defenses and advanced fraud detection techniques using AI developed in-house. With these updated solutions, organizations can rely on Entrust to secure digital-first experiences for customers, citizens, and employees, while ensuring compliance with global regulations and reducing fraud.
Todd Wilkinson, President and CEO of Entrust Corp, expressed gratitude for the entrepreneurial support provided by Oxford University Innovation, which enabled Onfido's founders to establish their startup. He emphasized Entrust's commitment to contributing to the vibrant tech ecosystem in the UK, with tech centers in Cambridge and now in London with Onfido.
Founded by Husayn Kassai, Eamon Jubbawy, and Ruhul Amin, students at the University of Oxford, Onfido simplifies access to services by digitally authenticating users through its Real Identity Platform. This platform enables businesses to customize verification methods according to individual user and market requirements using a no-code, orchestration layer. It blends document and biometric verifications, trusted data sources, and passive fraud signals to address risk, friction, and regulatory needs effectively.
Onfido's cloud-based, AI-driven identity verification technology facilitates millions of users in accessing digital services weekly, spanning from billion-dollar enterprises to rapidly growing startups. Its technology is integrated into the signup process of new digital banks or payment applications, enabling customers to verify their identity using a smartphone camera to scan their driving license or passport.
"At 22 years old in 2012, pioneering a novel approach to online identity verification felt like aiming for the moon. The support we received from Oxford Innovation's inaugural incubator was pivotal – not just for our company, but for our confidence as well. Oxford University's leap of faith into an emerging idea acted as rocket fuel, and I am immensely thankful to Oxford University and the entire ecosystem for bolstering our journey. Onfido's exit underscores the significant impact academic institutions wield in driving substantial local and global change. It's gratifying to see that the returns from our exit are being reinvested by Oxford to nurture a new cohort of entrepreneurs," remarked Husayn Kassai, co-founder and former CEO of Onfido.
"Onfido has evolved from a student startup into a team of 500 members generating over £140 million in revenue, serving customers worldwide. Through its acquisition by Entrust, Onfido has proven that student-led ventures can achieve remarkable success, inspiring a fresh wave of students, faculty, and investors to cultivate our exceptional innovation ecosystem in Oxford," stated Professor Chas Bountra, Pro-Vice Chancellor for Innovation at the University of Oxford.
"We take great pride in having supported the Onfido team since their inception through Oxford's earliest Incubator programme, and witnessing the remarkable success of one of our pioneering startups. The returns generated by OUI will be reinvested into our Incubator programme, fostering more opportunities for our student and staff entrepreneurs to collaborate, innovate, and establish companies that revolutionize technology," remarked Mairi Gibbs, CEO of Oxford University Innovation.
"It is truly remarkable to witness how a modest investment from the Oxford Seed Fund has propelled an idea from a student-led startup to a globally influential enterprise. Onfido, conceived at Oxford, is now making a significant impact on an international scale. We are privileged to have played a vital role in their journey. The success of Onfido, along with the returns on our investment, will enable us to continue supporting the most promising startups and entrepreneurs worldwide through our Entrepreneurship Centre, driving economic growth, job creation, and innovation," said Soumitra Dutta, Dean of Saïd Business School at the University of Oxford.
Source: Tech Funding News
