Onfido to power KYC for Arro Money
Identity verification company Onfido will power real-time identity verification and know your customer (KYC) checks for Arro Money, a financial services company that provides personal and business accounts, reports Julie Muhn at Finovate (FinTech Futures’ sister company).
Leveraging Onfido’s technology, Arro Money will provide financial services access to underbanked businesses. Onfido’s eKYC data and real-time verification for passports, ID cards, and drivers licences from 160 countries offers due diligence checks that will offer Arro Money’s new clients access to its services in three minutes.
Director at Arro Money, Muhammad Asim says that through its partnership with Onfido the company can improve its customer service and eliminate excessive credit checks.
Arro Money has already onboarded 10,000 customers with advanced KYC checks and aims to acquire 50,000 more business accounts over the next 12 months.
Founded in 2012, Onfido leverages machine learning technology to validate a user’s identity document and compare it with their facial biometrics. To insure the validity of the documents, the company cross-references identities from 192 countries against international credit and watchlist databases.
Onfido has raised more than $60 million in funding from investors including Microsoft Ventures, Salesforce Ventures, and Crunchfund. The company’s clients include ZipCar, Couchsurfing, Revolut, and Square.
