• OneID raised $1.3 million (£1 million) in funding.
• The funds come from ACF Investors.
• OneID has a unique approach on digital identity verification. It uses consumers’ existing banking relationship to authenticate their identity.

U.K.-based OneID announced it raised $1.3 million (£1 million) in funding. The Seed round, which marks the company’s second investment round, comes from ACF Investors. OneID also counts 170 angel investors among its backers.

“The investment from ACF Investors is a coming together of similar interests and visions,” said OneID CEO Paula Sussex. “As the world increasingly becomes digital-first, we aim to minimize fraud, enhance online experiences, and make the world a safer place.”

OneID, which will use today’s investment for product development, was founded in 2020 with a unique take on digital verification. The company leverages consumers’ existing bank accounts to authenticate them. After receiving consent from the consumer, OneID contacts the bank to verify their identity.

By leveraging consumers’ existing bank relationship, OneID eliminates the need for consumers to undergo a registration process, take a selfie, provide paper documents, or travel to a physical location. It also means that OneID does not need to store any sensitive data.

Sussex sees the round as a “vote of confidence” in the company’s efforts to make digital identification accessible and available to more U.K. citizens.

“We’re constantly monitoring businesses that have the potential to enhance the lives of the British people and redefine the future of the U.K., said ACF Managing Partner Tim Mills. “OneID, with its simple, trustworthy, and effective solution to a pressing problem, could touch some 50 million U.K. citizens and make bank-verified digital identification the norm in the UK.”

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• Source: https://finovate.com/oneid-raises-1-3-million-for-uk-based-identity-service/