- 212 percent revenue growth in the years’ first half in DACH
- Global revenue growth of over 100 percent year-over-year
Onfido remains on a growth trajectory, with over 100% increase year-over-year in global revenue in the second quarter. The company also surpassed $100M in annual recurring revenue.
This strong momentum was supported by Onfido's market expansion in DACH, with an increase of 212 percent in revenue in the year’s first half. New partnerships included digital financial services company Alpian, online pet marketplace Deine Tierwelt, and partnership expansion with Germany’s technology rental platform, Grover.
Digitalization in the financial sector spurs growth
Onfido's strong revenue growth in DACH is primarily based on the accelerated digitization of services in the financial sector, mobility, and telecommunications industry, where verifying real identity is a critical enabler from a regulatory and compliance requirement, as well as having a fast and user-friendly customer onboarding experience.
Juniper Analysis forecasts the digital identity verification market to reach $16.7B (approx €14.2B) by 2026, with the overall variety of identity verification checks greater than doubling in 2021 alone.
"Financial services providers in particular are requesting our solutions for their digital-first and digital-only customer strategies. This accounted for a large share of growth in the DACH region in the first half of the year. We continue to see a consumer shift from physical to digital, and companies are adapting to having to reliably verify the identity of their customers online while keeping fraudsters out and also protecting customer data as best as possible. The latter in particular is an important criterion for German consumers," says Oliver Krebs, Vice President EMEA at Onfido. "Organisations see a high ROI from putting hybrid digital identity at the heart of its digitisation strategies. They benefit from being able to scale quickly and improve the customer experience without compromising on customer security or compliance."
Reinforcement of the leadership team in DACH
Onfido is also seeing growth in its workforce, increasing its global headcount to over 500 by the end of the second quarter. In early July, Onfido brought Phillip Sertel on board as Regional Leader DACH & Eastern Europe. He will lead the Onfido team in the DACH region and Eastern Europe, expand the partner network and drive new customer business.
Further strategic hires within the global team:
- Terry Denzer, Onfido’s former SVP of Sales, was appointed to Chief Revenue Officer
- Matt Peake, former Head of Regulatory and Public Policy UK and IE at Verizon, joins the team as Global Director of Public Policy
- Leta Amburgey, former Head of Customer Success at CDW Corporation, joins as Global VP and Head of Customer Success
Other achievements in the first half of 2021:
- Launch of the Onfido Real Identity platform, which offers three-second customer authentication and advanced security tools.
- Volkswagen Financial Services UK (VWFS) has partnered with Scrive and Onfido to launch a digital finance solution for UK dealers.
- Agreement with Microsoft for fast and secure identity verification and onboarding for its Azure Active Directory verifiable credentials.
- Deine Tierwelt uses digital identity verification from Onfido to stop illegal puppy trade.
- Multinational telecommunications corporation, Orange partners with Onfido to offer self-service identity verification for its Orange Flex mobile plan.
- Lynk & Co joined Onfido’s existing customers in the Benelux region, as Onfido established its presence with office space in Amsterdam and looks to further support the region’s growing fintech, mobility and online services sectors.
Awards and nominations
- Onfido was named in the latest list of top EU fintechs
- Awarded "Outstanding in Biometric Data Analytics" in the KuppingerCole Market Compass for identity verification vendors
- Shortlisted for the SC Awards Europe 2021 for "Best Use of Machine Learning / AI"
Watch a demo video of Onfido's award-winning identity verification technology here and learn how the company uses AI to digitally prove a user's identity.