Onfido Acquires Biometrics Identity Verification Provider EYNby Fintechnews Switzerland October 27, 2021
Onfido, a London-based identity verification and authentication provider, announced the acquisition of complementary solution provider EYN. Details of the transaction was not disclosed.
EYN’s acoustic liveness technology will be incorporated into Onfido’s Real Identity Platform with its employees joining latter’s research and biometrics teams.
Liveness detection technology from Onfido and EYN ensures that document and biometric checks are submitted live and that photos or deepfakes cannot be used to spoof legitimate users.
Onfido had also announced that it had notched a 93% increase year-to-date (YTD) in global revenue and 100% growth in annually recurring revenue (ARR).
The firm also strengthened its leadership team during Q3 with two strategic hires including Faisal Chughtai who joins as Chief Financial Officer and Nello Franco as Chief Customer Officer.
“We’re excited to announce another record quarter powered by strong U.S. and APAC growth, as businesses emerging from COVID-19 realize the benefits of digital-by-default customer acquisition strategies.
As we continue to increase our investment in research and development to fill out our arsenal of tools to fight fraud, we’re pleased to welcome the EYN team to the Onfido family. By combining their LiveProof anti-spoofing technology with our existing image-based liveness detection, we’ll be able to offer a liveness product that is unmatched in the industry. ”
said Mike Tuchen, CEO of Onfido.
“We’re thrilled to join Onfido to help shape the future of online identity verification and allow more people to gain access to the vital services they need.
We share the same philosophy as Onfido: building trust and security at onboarding and throughout the customer journey doesn’t mean that companies need to compromise on user experience or fraud detection.”
said Dr. Sheikh Faridul Hasan.
Featured image: Edited from Unsplash