UK-based bank-verified digital identification services provider OneID has secured new funding led by venture capital firm ACF Investors, previously known as Angel CoFund.
OneID is one of the top angel-funded businesses, with more than £16m raised from more than 200 Angel Investors in the UK, Swedish and the US.
The digital identification services provider will use the investment to support the growth and expand operations and services to reach a growing customer base.
The funding follows a period of growth and implementation of the company’s technology with a growing customer base, including NatWest and Adobe.
OneID will use the funds to enhance its product offering, expand its operations into new market sectors and deliver its services to new and existing customers.
ACF Investors managing partner Tim Mills said: “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.”
According to OneID, increasing losses and sophistication of fraud, together with urge for better user experience drive the need for more secure and effective identity verification.
The company said that its digital identity services address the challenge by providing simplified customer verification through bank-verified data.
It enables a document-free digital identification process completed within twelve seconds.
Also, the service prioritises privacy in sharing personal data and helps businesses simplify onboarding, increase sales, reduce operational costs, and mitigate fraud risks.
According to OneID, the UK government has increased focus on digital identity.
Its bank-based identity and age verification solution is said to ensure compliance with the Online Safety Act of 2023 while maintaining user privacy, said the company.
OneID CEO Paula Sussex said: “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.”
