Late yesterday, we heard the information that Onfido, a pioneer in ID verification utilized by banks and fintechs all around the world, goes to be acquired by Entrust, a diversified safety and verification firm.
It seems to be like somebody leaked this deal as a result of based on the press launch from Entrust this morning, the phrases are usually not but finalized. There isn’t a time limit but however TechCrunch has realized that the acquisition worth is supposedly properly over $400 million.
Whereas Onfido has shoppers throughout completely different industries it actually grew up alongside the fintech house as fintech firms had been early adopters of AI and machine-readable verification instruments.
Anti-fraud and ID verification instruments are in sizzling demand proper now as each financial institution and fintech firm desires to construct a frictionless expertise whereas on the identical time catching as a lot fraud as potential.
There are going to be some very massive firms created on this house and clearly, Entrust is seeking to be one of many leaders right here.
By Ingrid Lunden
Onfido, an early mover on the earth of identification verification utilizing laptop imaginative and prescient, machine studying and different AI instruments, is getting acquired, TechCrunch has realized and confirmed.
By Peter Renton
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