OneID, a UK-based provider of bank-verified digital identification services, has successfully raised £1 million in new funding from ACF Investors. This investment will be utilized to further enhance the product and fulfill the company’s mission of creating a safer online environment by enabling individuals to easily and securely prove their identity.
Established in 2020, OneID’s primary objective is to enable more UK citizens to have a secure and seamless digital experience by allowing banks to offer an ID service to their customers. In an era where digital interactions and transactions are commonplace, OneID’s solution aims to eliminate the need for physical identification documents, enabling both businesses and individuals to quickly and securely confirm their identity digitally.
To utilize OneID, an individual simply selects the service as their identity verification method when registering for an online product or service. They then authorize OneID to contact and verify their details with their bank, whether through online or mobile banking. Once the verification process is complete, OneID securely confirms their identity to the online product or service provider in a matter of seconds.
Bank-verified digital identification has gained widespread acceptance in various European countries, such as Sweden and Belgium. Sweden’s BankID service is utilized an average of two times per day for every adult, resulting in 6 billion transactions annually. In Belgium, itsme has become the go-to identity app, facilitating 25 to 35 million monthly actions with over 6.5 million users.
OneID’s offering of bank-verified digital identity services has the potential to benefit approximately 50 million UK citizens, ushering in a new era of secure, efficient, and convenient online transactions that benefit both consumers and businesses. As a B Corp certified company, OneID is also one of the UK’s largest angel-backed startups, having received support from 170 angel investors.
“The investment from ACF Investors aligns perfectly with our interests and vision,” stated Paula Sussex, CEO at OneID. “As the world increasingly embraces digital-first experiences, we are committed to minimizing fraud, enhancing online interactions, and creating a safer environment.”
Tim Mills, managing partner at ACF Investors, added, “We continuously monitor businesses that have the potential to improve the lives of the British people and redefine the future of the UK. OneID, with its simple, trustworthy, and effective solution to a pressing problem, has the potential to impact the lives of around 50 million UK citizens and make bank-verified digital identification the standard in the UK.”
