Entrust, a Minneapolis, MN-based company which specializes in payments, identities, and data security, acquired Onfido, a London, UK-based identity verification company.
The amount of the deal was not disclosed.
With the acquisition, Entrust will provide a portfolio of AI-powered, identity-centric security solutions.
Led by Mike Tuchen, CEO, Onfido makes it easy for people to access services by digitally verifying them using its real identity platform, which 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, data sources, and passive fraud signals to meet their risk, friction, and regulatory requirements. Prior to being acquired, the company had over $140 million in annual revenue and more than 500 employees. Its over 1,200 customers globally include some of the world’s leading financial institutions, e-commerce, gambling and gaming companies, and sharing economy platforms.
Led by Todd Wilkinson, president and chief executive officer, Entrust is a provider of trusted payments, identities, and data security solutions to secure enterprises, governments, the people they serve, and the data and transactions associated with them. With its experts serving customers in more than 150 countries and a network of global partners, the company now provides immediate opportunities for a variety of industries, including financial services and identity access management:
- Financial Services: Digital onboarding for financial services and payments starts with real identity, verifying the person and their credentials. Financial services and payments companies will now be able to onboard trusted customers, authenticate them, and issue debit cards in a matter of minutes while reducing their fraud exposure and remaining compliant with international regulations and standards.
- Identity Access Management (IAM): Entrust will integrate Onfido’s AI-powered tools into its existing IAM solutions to protect critical assets and transactions with enhanced authentication, leveraging biometrics and digital certificates.
FinSMEs
09/04/2024