Onfido, the global identity verification and authentication provider, today announces a partnership expansion with BUX, Europe's fastest-growing commission-free neobroker, to integrate Onfido’s AI-powered identity verification to support the brokerage’s increase in demand. Onfido’s document and biometric verification solution enables BUX to scale with ease to remotely verify their users securely and simplify Know Your Customer (KYC) requirements and the onboarding journey.
BUX is a leading neobroker dedicated to making investing accessible, intuitive and affordable. At the beginning of this year, BUX raised $80 million to accelerate the rollout of its commission-free investment app, BUX Zero, across Europe. BUX Zero is currently available across six countries and is innovating the way Europeans invest across borders. As the company rapidly scales, BUX needed a trusted identity verification provider that could efficiently scale and verify clients with the highest assurance without compromising user experience.
Onfido’s award-winning technology helps to simplify the onboarding process, empowering BUX Zero clients to verify their identity securely and quickly within minutes. Clients take a photo of their government-issued identity document (ID) and a selfie. Onfido first checks that the ID is genuine and not fraudulent and then matches it with the client’s face. This ensures that the person presenting the identity is the rightful owner of the ID and is physically present. In this way, BUX clients can be verified anywhere and anytime with a quick and user-friendly onboarding journey.
“We’re pleased to be supporting BUX in their mission of providing an accessible and intuitive digital investing experience for its customers,” said Michael van Gestel, Global Head of Fraud and General Manager of Onfido Netherlands. “Organisations today face the challenge of offering a seamless onboarding experience while integrating strong fraud detection and upholding privacy. With Onfido BUX can achieve just that, putting usability, security and trust at the forefront. Onfido’s hybrid approach combines the speed and scalability of AI with expert identity analysts so fast-growing fintechs, such as BUX, can onboard more users quickly with world-class fraud detection capabilities.”
“Simplicity is at the core of the user experience for BUX Zero, and by partnering with Onfido, we are able to make one of the first points of contact with our clients not only seamless but also secure,” said Aditya Pasumarty, Chief Product Officer at BUX. “Since launching BUX Zero in 2019, we have seen an exceptional amount of growth. In our efforts to scale efficiently across Europe, it was important that we also work with a partner that would allow us to offer the same intuitive onboarding solution no matter where we go. Having a turn-key onboarding solution in place has allowed us to expand even faster and focus our efforts on building out a more sophisticated offering for our clients.”
With more than 500,000 clients, BUX is Europe's fastest-growing neobroker and has been making it easy and affordable for Europeans to do more with their money since 2014. BUX's flagship platform, BUX Zero, is making commission-free investing accessible, intuitive, and affordable for both first time and existing investors allowing them to invest in a large suite of shares or ETFs they care about. BUX Zero is currently available in the Netherlands, Germany, Austria, France, Belgium and Ireland. The full range of BUX products, including BUX Crypto which allows users to invest in real cryptocurrencies, and BUX X, where users can trade in contracts for difference (CFDs), are available across multiple countries in Europe. Headquartered in Amsterdam, the Netherlands, the company is backed by some of the most prominent international Venture Capital firms.
Onfido is setting the new identity standard for digital access. The company digitally proves a user’s real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person’s facial biometrics. This means businesses can verify their users without compromising on experience, conversion, privacy, or security.
Recognised as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Idinvest Partners, Crane Venture Partners, Salesforce Ventures, M12 - Microsoft’s venture fund, and others. Onfido has raised $200m in funding, and with over 500 team members across seven countries, is enabling digital access for some of the largest companies around the world.