Entrust, a leading provider of payments, identities, and data security, has entered negotiations to acquire Onfido.
Onfido has surpassed recognition as a start-up in recent years consolidating significant growth and could be a lucrative prospect for acquisition. The company, which specialises in cloud-based and AI-powered tools for verification, were an early trailblazer in popularising AI technology.
With artificial Intelligence used to perpetrate cyber attacks, as well as to power advancing verification solutions, Entrust is being agile to add Onfido’s AI tools to its own, to raise standards for certification and verification services. Onfido will provide a “compliant AI/ML-based biometric and document IDV tech stack”.
Whilst the deal is still in the early stages of review, it looks to bolster biometric-based, highly phishing-resistant authentication.
Complimenting Onfido’s journey, a spokesperson for Entrust said: “We chose to enter into discussions to acquire Onfido because we believe they have the best-in-class IDV team, capabilities and tech stack in the world. With the emergence of AI-based attacks, the identity verification game has changed. Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more. Step-up authentication using biometric-based, AI-driven identity verification will be critical to ensuring security, privacy, and trust in these high-value digital-first interactions”.
Todd Wilkinson, president and chief executive officer, at Entrust continued: “Onfido IDV solutions have proven their value in Europe’s high-compliance environment. With the proposed acquisition of Onfido, Entrust would have the opportunity to provide unmatched identity security solutions at a time when they are needed most among enterprises and institutions.”
Entrust will potentially expand access to the most advanced and secure digital identity verification solutions worldwide.
Behind a formidable record of 200 million digital identity checks, Onfido is a giant prospect for Entrust to build their portfolio. The company itself generates “just under $1 billion” in revenue annually.
The Onfido platform allows businesses to tailor verification methods to individual user and market needs in a no-code orchestration layer – combining a mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction, and regulatory requirements.
