British identity startup Onfido quietly closes £4m funding from Augmentum Fintech

Emily Nicolle
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The startup makes identity tech used by some of the biggest names in fintech (Source: Onfido)

Digital identity startup Onfido has quietly closed a £4m investment from Augmentum Fintech, City A.M. has learned.

Documents published by the London-listed fund yesterday revealed the tie-up, which appears to be a one-off injection made last month ahead of an upcoming funding round for the company.

Onfido, which makes technology used to verify customer identities for companies like Revolut, Monzo and Zipcar, has raised approximately $63m (£48.7m) to date, including this latest investment.

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Its backers include Transferwise founder Taavet Hinrikus, the venture capital arms of Salesforce and Microsoft, and Darktrace investor Talis Capital.

Onfido’s own documents showed in January, first reported by the Sunday Telegraph, that the startup was in the process of securing an undisclosed amount of funding from Softbank’s spin-off fund, which targets artificial intelligence firms.

Augmentum Fintech declined to comment on the investment, while Onfido did not respond to requests for comment.

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The raise was revealed alongside an update on Augmentum Fintech's progress since it went public last year. The fund said it has deployed £32.4m of capital since the listing, and earmarked the remaining £15m of the IPO's net cash proceeds for follow-on investments.

Peer-to-peer lender represents Augmentum's largest investment to date, with an injection of £22m by September last year at roughly 30 per cent of its total portfolio.