OneID Gets £1 Million Investment To Make Online Identity Safer

OneID, the only company in the UK that offers bank-verified digital identification, has received £1 million in new funding. The investment comes from ACF Investors, and it will help OneID grow and improve its service. The company wants to make online identity safer and easier for everyone.

OneID started in 2020 to help more people in the UK have a safe digital experience. Instead of using paper documents like passports or driving licences, OneID allows banks to verify a person’s identity quickly. This makes online transactions and sign-ups much easier.

OneID Makes Online Identity Simple And Fast

To use OneID, a person chooses it when signing up for an online service. They give permission for OneID to check their details with their bank. Once the bank confirms the information, OneID tells the online service provider that the person’s identity is verified. This process happens in just a few seconds.

Other European countries already use bank-verified digital ID services. According to the update, Sweden’s BankID is used about two times per day by each adult. In Belgium, an identity app called itsme has over 6.5 million users and handles up to 35 million transactions every month.

The company believes its service can help around 50 million people in the UK. Businesses and customers will have a safer and faster way to verify identities online. This will also reduce fraud and make digital transactions more secure.

OneID is one of the biggest UK start-ups supported by angel investors. So far, 170 angel investors have put money into the company. The company also has a special B Corp certification, which means it focuses on doing good for society.

OneID CEO Says The Investment Brings Confidence

Paula Sussex, CEO of OneID, stated that the new investment from ACF Investors shows they share the same vision. She added that as the world moves towards digital services, OneID aims to reduce fraud and make online experiences better for everyone. She also said that this is OneID’s second major investment and proves that their work is trusted.

Tim Mills, Managing Partner at ACF Investors, noted that they always look for businesses that can improve the lives of British people. He added that OneID’s simple and safe digital ID service could help around 50 million UK citizens. He believes OneID could make bank-verified digital identification the standard across the UK.

This investment will help OneID grow and reach more people. As digital services continue to expand, OneID’s goal is to make online identity safe, fast, and easy. More people will soon be able to prove who they are online without the hassle of paperwork.

OneID’s service could change how people access digital services in the UK. Many experts believe that in the future, more countries will follow this system to improve security and make online transactions smoother. The investment from ACF Investors is expected to push OneID forward in achieving its mission.