OneID, UK’s provider of bank-verified digital identification services, has secured €1.2 million in new funding from ACF Investors. The investment will be used to further develop its product and bolster its mission to make the world a safer place by helping people prove who they are online easily and securely.
OneID was founded in 2020 to enable more UK citizens to have a safe and smooth digital experience by enabling banks to provide an ID service for customers. With digital interactions and transactions becoming a daily staple, OneID’s solution eliminates the need for physical identification documents, enabling businesses and individuals to digitally prove their identity instantly and anywhere.
Paula Sussex, CEO at OneID, said: “The investment from ACF Investors is a coming together of similar interests and visions. As the world increasingly becomes digital-first, we aim to minimise fraud, enhance online experiences, and make the world a safer place. 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.”
To use OneID, an individual chooses the service as their identity verification method when signing up for an online product or service and consents to OneID contacting and verifying their details with their bank (online or mobile banking). Once verified, OneID securely confirms their identity to the online product or service provider in just a few seconds.
Bank-verified digital identification has been embraced in several other European countries, including Sweden, where its BankID service is used an average of two times per day for every adult, resulting in 6 billion transactions annually. In Belgium, itsme, with more than 6.5 million users, has become the go-to identity app, facilitating 25 to 35 million monthly actions.
Tim Mills, Managing Partner at ACF Investors, added: “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.”
OneID’s offering of bank-verified digital identity services is equipped to benefit approximately 50 million UK citizens and foster a new era of secure, efficient, and convenient online transactions, benefitting consumers and businesses alike. The B Corp certified company is also one of the UK’s biggest angel-backed startups, with 170 angel investors who have invested in OneID to date.