OneID raised $1.3 million (£1 million) in funding.
The funds come from ACF Buyers.
OneID has a singular method on digital identification verification. It makes use of shoppers’ present banking relationship to authenticate their identification.
U.Okay.-based OneID introduced it raised $1.3 million (£1 million) in funding. The Seed spherical, which marks the corporate’s second funding spherical, comes from ACF Buyers. OneID additionally counts 170 angel traders amongst its backers.
“The funding from ACF Buyers is a coming collectively of comparable pursuits and visions,” mentioned OneID CEO Paula Sussex. “Because the world more and more turns into digital-first, we goal to attenuate fraud, improve on-line experiences, and make the world a safer place.”
OneID, which is able to use at the moment’s funding for product growth, was based in 2020 with a singular tackle digital verification. The corporate leverages shoppers’ present financial institution accounts to authenticate them. After receiving consent from the buyer, OneID contacts the financial institution to confirm their identification.
By leveraging shoppers’ present financial institution relationship, OneID eliminates the necessity for shoppers to endure a registration course of, take a selfie, present paper paperwork, or journey to a bodily location. It additionally implies that OneID doesn’t must retailer any delicate knowledge.
Sussex sees the spherical as a “vote of confidence” within the firm’s efforts to make digital identification accessible and obtainable to extra U.Okay. residents.
“We’re consistently monitoring companies which have the potential to boost the lives of the British individuals and redefine the way forward for the U.Okay., mentioned ACF Managing Companion Tim Mills. “OneID, with its easy, reliable, and efficient answer to a urgent downside, might contact some 50 million U.Okay. residents and make bank-verified digital identification the norm within the UK.”
