Entrust in Talks to Acquire AI-Powered Regtech Firm Onfido for Over US$400 Million - Fintech Singapore
Source: Fintech Singapore
Published on: 2024-02-08 02:46
Entrust, known for its secure payments, identities, and data protection solutions, has confirmed that it is in the midst of discussions to acquire Onfido, a London-based firm specialising in artificial intelligence (AI) and machine learning (ML) powered identity verification technologies. According to TechCrunch, this deal could be worth "well above US$400 million". This move could significantly enhance Entrust's identity verification offerings with Onfido's advanced biometric and document identification technologies. This acquisition aims to integrate Onfido's identity and verification technology into Entrust's suite, potentially transforming the landscape of biometric authentication for high-stake transactions and digital signings. Established in 2012, Onfido has a strong market presence with over $130 million in annual recurring revenue and a workforce exceeding 500. The company se...
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