Entrust Finalises Acquisition of Onfido – Fintech Singapore

Entrust, known for its trusted payment and data security solutions, has finalised its acquisition of identity verification company Onfido.

This announcement comes just two months after the negotiations came to light where TechCrunch reported that the deal could be worth “well above US$400 million” although this was not confirmed.

This merger brings together Entrust’s security solutions with Onfido’s advanced identity verification technology, aiming to address the growing threats of identity fraud and data breaches.

Established in 2012, Onfido registered over US$140 million in annual revenue, employed more than 500 staff, and served over 1,200 clients worldwide, including major names in finance, e-commerce, and the sharing economy.

By incorporating Onfido’s technology, Entrust aims to enhance its security offerings, providing businesses with a robust, identity-centric security framework.

This includes a mix of biometric, AI, and no-code orchestration capabilities, all designed to automate and fortify against fraudulent activities.

The acquisition is poised to benefit sectors such as financial services and identity access management by offering faster and more secure digital onboarding processes, reducing fraud exposure, and ensuring compliance with global standards.

Todd Wilkinson

“With the acquisition of Onfido, our customers can leverage global-leading identity verification technology to meet the new challenges of cybersecurity in the age of AI. Identity-centric security is the starting point for Zero Trust frameworks and ensures a company’s cyber defense is best positioned to meet today’s threats.

Entrust now provides the broadest identity-centric security capabilities in the market which combine with strong encryption technologies to enable the evolution to Zero Trust.”

said Todd Wilkinson, President and Chief Executive Officer, Entrust.

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• Source: https://fintechnews.sg/94419/regtech/entrust-finalises-acquisition-of-onfido/