Farukh Kitchlew | Feb 19, 2024 | 0
OneID Secures $1.3M Funding to Expand Bank-Verified Digital ID Services
OneID is a UK-based digital ID verification firm. Recently, it has secured £1 million (approximately US$1.3 million) in new funding from venture capital fund ACF Investors. The firm will use the investment to further develop OneID’s online authentication solutions with a focus on combating identity fraud. The company aims to allow people to quickly and securely verify their identities online, especially in the growing bank-verified digital ID market. OneID’s CEO, Paula Sussex, expressed that the investment from ACF Investors aligns with their goal of reducing fraud, enhancing online experiences, and improving digital identification accessibility for UK citizens. This marks OneID’s second institutional investment, reinforcing confidence in their efforts.
Tim Mills, Managing Partner at ACF Investors, shared insights on their investment in OneID. They aim to identify businesses that improve lives and reshape the UK’s future. OneID offers bank-verified digital identification to UK citizens, potentially impacting 50 million people and enhancing the digital banking experience. Notably, their application neither stores personal data nor requires registration, giving a hassle-free alternative to traditional identity verification methods involving physical documents or selfie biometrics.
OneID offers an easy online service where users grant permission for the platform to verify their credentials with their banks. It quickly confirms the user’s identity in connection to the requested service.