OneID raised $1.3 million (£1 million) in funding.
The funds come from ACF Buyers.
OneID has a novel method on digital identification verification. It makes use of shoppers’ 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 traders 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 as we speak’s funding for product improvement, was based in 2020 with a novel tackle digital verification. The corporate leverages shoppers’ current financial institution accounts to authenticate them. After receiving consent from the patron, OneID contacts the financial institution to confirm their identification.
By leveraging shoppers’ current 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 have to retailer any delicate information.
Sussex sees the spherical as a “vote of confidence” within the firm’s efforts to make digital identification accessible and accessible to extra U.Okay. residents.
“We’re consistently 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 Accomplice Tim Mills. “OneID, with its easy, reliable, and efficient resolution to a urgent downside, might contact some 50 million U.Okay. residents and make bank-verified digital identification the norm within the UK.”