UK-based OneID, a company that offers bank-verified digital identification services, announced that it has raised £1M (€1.16M) in fresh funding from ACF Investors.
This company says the capital will be dedicated to advancing its product, as well as to strengthen its commitment to enhancing online identity verification for a safer digital world.
Bank-validated digital identification has gained popularity in various European nations. For instance, in Sweden, people use BankID twice daily, which amounts to 6 billion transactions each year. In Belgium, the primary identity app itsme garnered over 6.5 million users, enabling 25 to 35 million monthly interactions.
OneID’s provision of bank-validated digital identity services potentially impacts around 50 million UK residents. It claims to usher in an era of secure, streamlined and hassle-free online transactions, benefiting individuals and businesses.
As a B Corp-certified company, OneID is one of the UK’s largest angel-backed startups. The company has received investments from 170 angel investors thus far.
Enhancing digital experiences for UK citizens
Established in 2020, OneID’s mission is to facilitate a secure and seamless digital experience for a broader range of UK citizens.
The company aims to empower banks to offer identity verification services for clients. OneID eliminates the need for physical IDs, enabling instant and convenient digital identity verification for every one from anywhere.
OneID CEO, Paula Sussex, expresses her goal of minimising fraud, enhancing online experiences and making the world safer as it shifts towards a digital-first approach.
“The investment from ACF Investors is a coming together of similar interests and visions. ACF is our second institutional investment, and it is a vote of confidence in our efforts to make digital identification accessible and available to more UK citizens,” says Sussex.
ACF Investors, formerly the Angel CoFund, was established in 2011. It operates as a privately managed and commercially oriented venture capital fund.
It collaborates with industry-savvy business angels to invest in promising SMEs throughout the UK. The fund directly provides financial support to fuel the growth of outstanding businesses
ACF Investors’ managing partner Tim Mills believes OneID could make bank-verified digital identification a standard practice in the UK.
“We’re constantly monitoring businesses that have the potential to enhance the lives of the British people and redefine the future of the UK. OneID, with its simple, trustworthy, and effective solution to a pressing problem, could touch some 50 million UK citizens and make bank-verified digital identification the norm in the UK,” says Mills.
Aside from OneID, ACF Investors has backed 110 companies, including Ebury, Gousto, Creo Medical, and Form3. It also contributed over £65M in direct investment and more than £350M from business angels and other investors.
As the sole provider of digital and real-time identity services, OneID establishes absolute certainty between businesses and customers. These services are delivered in the fastest, most cost-effective and secure manner possible.
To use OneID, people must select it as their preferred identity verification option during the online product or service registration process. They must grant permission for OneID to contact and verify their information with their bank (via online or mobile banking).
Once the verification is complete, OneID promptly and securely confirms its identity to the online product or service provider.
The process does not require registration nor does it retain any personal data. It also does not need passport scans or selfies for online identity verification.
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