OneID, a provider of bank-verified digital identification services, has raised significant new funding to further expand its operations and services.
The company, known for offering a seamless and secure solution to digital identity verification, has now secured investment led by ACF Investors.
The amount raised in this latest funding round was not disclosed, but OneID’s impressive history includes securing over £16m from more than 200 angel investors across the UK, Sweden, and the US. This investment comes after a period of notable growth for the company, which has been gaining significant traction in the UK digital identity space.
OneID provides a bank-verified digital identity service that simplifies customer verification by enabling a document-free process completed within just twelve seconds. Its solution prioritises user privacy, only sharing personal data with consent, while also helping businesses streamline onboarding, reduce operational costs, increase sales, and mitigate fraud risks. With 90% of UK adults who use online banking being eligible for OneID’s services, it stands as one of the most widely accessible identity verification solutions.
The company plans to use the newly raised funds to enhance its product offering, expand into new market sectors, and continue delivering its services to both new and existing customers. The investment will support OneID in solidifying its presence as a leader in the growing digital identity space, addressing the increasing need for secure and efficient identity verification solutions.
Additional context includes the UK Government’s increased focus on digital identity, with new regulations such as the Digital ID for age verification and the Online Safety Act of 2023. These developments necessitate that online service providers adopt stringent identity verification and age assurance measures, making OneID’s services increasingly critical. OneID’s bank-based identity and age verification solution ensures compliance with these new regulations, offering businesses a seamless way to adhere to them while safeguarding user privacy.
“At OneID, our goal is to make the world safer by making digital identity verification more efficient and accessible for businesses and users. We’ve had a tremendous year in 2024 across several use cases. With our integration with Adobe set to go live with leading high-street banks in the UK, we are proving our ability to solve urgent business problems against the toughest standard-setters. The funding from ACF Investors is a strong vote of confidence in us as a business, and we look forward to working with the team to supercharge our growth in 2025,” said Paula Sussex, CEO of OneID.
The company has also seen increasing customer adoption, including partnerships with notable organisations such as NatWest and Adobe. The funding will allow OneID to continue to expand its operations and extend its product offerings across various industries and markets.
“The Government’s growing focus on digital identity underscores the market’s need for simple and effective identification solutions. OneID is delivering exactly that, enabling both fraud prevention and regulatory compliance for financial institutions. We are delighted to follow on from our initial investment in 2023 and look forward to supporting the team as they grow,” said Tim Mills, Managing Partner at ACF Investors.
OneID’s growth trajectory is strengthened by the recent funding and the company’s successful integration into the financial technology ecosystem, where secure, fast, and user-friendly verification solutions are increasingly sought after.
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