Onfido Delivers Record Revenue Year for Fiscal 2020
82% increase in global ARR fueled by strong demand from enterprises Onfido, the global identity verification and authentication provider, today announced it has recorded unprecedented growth in 2020. Global annual recurring revenue (ARR) increased by 82% year-over-year. The company more than doubled its sales in the US, which is one of its fastest growing regions. In addition, the company added 320 new clients to its roster, fueled by an acceleration of digital transformation initiatives by enterprises worldwide.
According to Gartner, 69% of boards of directors (BoDs) accelerated their digital business initiatives in the wake of COVID-19 disruptions. This, together with a 41% increase in identity fraud, spearheaded the need for greater and more sophisticated remote security measures, in particular identity verification.