OneID raised $1.3 million (£1 million) in funding.
The funds come from ACF Buyers.
OneID has a singular strategy on digital identification verification. It makes use of customers’ current 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 buyers amongst its backers.
“The funding from ACF Buyers is a coming collectively of comparable pursuits and visions,” stated OneID CEO Paula Sussex. “Because the world more and more turns into digital-first, we intention 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 improvement, was based in 2020 with a singular tackle digital verification. The corporate leverages customers’ current financial institution accounts to authenticate them. After receiving consent from the patron, OneID contacts the financial institution to confirm their identification.
By leveraging customers’ current financial institution relationship, OneID eliminates the necessity for customers 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 have to retailer any delicate knowledge.
Sussex sees the spherical as a “vote of confidence” within the firm’s efforts to make digital identification accessible and out there to extra U.Okay. residents.
“We’re continuously monitoring companies which have the potential to boost the lives of the British folks and redefine the way forward for the U.Okay., stated ACF Managing Companion Tim Mills. “OneID, with its easy, reliable, and efficient resolution to a urgent drawback, might contact some 50 million U.Okay. residents and make bank-verified digital identification the norm within the UK.”
