ONOnfido Financial Model
Enterprise/Security Startup Financials (Free Excel Download)
AI-powered identity verification platform enabling businesses to verify real-world identities digitally in seconds via document and biometric checks.
professionals from Deloitte
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About this model
Onfido provides AI-powered identity verification through document and biometric checks. Businesses use its APIs to verify real-world identities digitally for onboarding, KYC, AML, and other trust-sensitive customer journeys.
The company sells enterprise contracts priced around verification volume. Its materials cite net retention above 150%, indicating that expansion within existing customers - through more users, geographies, or use cases - is a central driver alongside new client wins.
The model is usage-based SaaS with an ARR overlay: customer cohorts generate verification calls, tiered price per check, expansion, and renewal. It links fraud and verification delivery costs, gross margin, sales capacity, global offices, R&D, and overhead to cash flow.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Onfido
onfido.com
How to build a detailed financial model for Onfido
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Onfido model - distilled from its pitch deck and publicly available information.
Product & value proposition
- SDK-based document + biometric (facial) identity verification completed in seconds vs. hours for in-person checks.
- Three stated client outcomes: Reduce risk, Increase conversion, Scale globally.
- Positioned as "Identity 2.0" (ID Proofing, 2010–2020) and building toward "Identity 3.0" (Portable Identity, 2020 onwards).
- Use-case breadth: Financial Services (payments, online banking, remittance, loan/mortgage), Transportation (visa, hotel check-in, vehicle rental, online bookings), Healthcare (telemedicine, prescriptions, insurance), Institutions (IAM, KYB, voting, office entry), Leisure (dating, proof of age, clubs, online shopping).
Market
- $2tn (5% of global GDP) is laundered money annually - used as a problem-sizing anchor, not an addressable market figure.
- 2 billion people blocked from access via current credit bureau / in-person identity systems.
- No explicit TAM/SAM/SOM figures, market growth rates, or IDV market sizing disclosed in the deck.
Revenue model
- Not explicitly disclosed in the deck.
- Business model is inferred as usage-based API (per-verification check) typical for IDV platforms; enterprise contracts likely involve volume tiers.
- Sold direct to enterprise clients across Financial Services, Transportation, Healthcare, and Institutional verticals.
- Net Retention Rate of 150%+ implies expansion revenue (upsell / higher verification volumes over time) is a meaningful driver.
Traction & metrics
- Founded: 2012.
- Team: 350 members.
- Offices: 9 globally.
- Net Retention Rate: 150%+.
- Competitive wins: 50+ client switches from named competitors to Onfido; competitor names and specific client names are redacted in the deck image.
- No revenue figures, ARR, customer count, verification volume, or growth rates disclosed.
Unit economics
- Net Retention Rate: 150%+ - the only unit-economic indicator present; implies strong net dollar retention / negative churn.
Competition / moat
- Competitive set implied by the "50+ switches from competitors" slide; four competitors shown but all names redacted.
- Moat claims: product speed (seconds vs. hours), global scalability, accuracy of AI/ML models (implied by SDK demo framing).
- Identity 3.0 / Portable Identity vision positioned as next-generation beyond current IDV players (Experian, TransUnion, Equifax cited as legacy Identity 1.0).
- No quantified accuracy rates, false-positive/negative rates, or coverage metrics disclosed.
Team & funding ask / use of funds
- CEO & Co-founder: Husayn Kassai.
- COO & Co-founder: Eamon Jubbawy.
- CFO: David Clarke (ex-PayPal).
- CPO: Kevin Trilli (ex-Symantec).
- CTO: Kevin Goldsmith (ex-Spotify).
- CRO: Thomas Ammirati (ex-ForgeRock).
- General Counsel: Amy Wallace (ex-Sony).
- CSO: Francesco Cardi (ex-Bain).
- CMO: Robert Humphrey (ex-ForgeRock).
- Chief of Staff: Ellie Romer-Lee (ex-Hire Space).
Recommended financial model
- Archetype + why: Usage-based SaaS / API revenue model with ARR overlay. Onfido sells per-verification API calls to enterprise clients on volume-tiered contracts. Net Retention of 150%+ means expansion from existing customers is the primary growth engine - this is classic usage-based SaaS with strong NRR. A 3-statement model is appropriate given the maturity (350 headcount, 9 offices), with ARR/NRR cohort mechanics driving the revenue build.
- Forecast horizon & granularity: 5-year annual model (Year 1 quarterly for cash management detail). Given no disclosed base revenue, Year 0 should be parameterised as an input assumption so the model can be updated when actuals are available.
- Key drivers & assumptions:
| Driver | Value |
|---|---|
| Net Retention Rate | 150%+ |
| New logo growth (YoY customer adds) | 20–30% |
| Blended revenue per customer / per verification | Unknown |
| Gross margin | 65–75% |
| Headcount (Year 0) | 350 |
| Headcount growth | 15–25% p.a. |
| S&M as % of revenue | 25–35% |
| R&D as % of revenue | 20–30% |
| G&A as % of revenue | 8–12% |
| Geographic expansion capex | Low |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: NRR holds at 150%, new logo growth 20%, gross margin 68%.
- Bull: NRR 160%+, new logo growth 30%, margin expansion to 72% as AI automation reduces human review cost.
- Bear: NRR compresses to 120% (competitive pressure / macro slowdown in fintech onboarding), new logo growth 10%, margin 63%.
- Required sheets / outputs:
- Assumptions & inputs (all drivers on one sheet).
- Revenue build - cohort-based ARR waterfall (new ARR, expansion via NRR, churned ARR, ending ARR).
- P&L - Gross Profit, S&M, R&D, G&A, EBITDA, EBIT.
- Headcount plan (by function: Engineering, Sales, G&A).
- Cash flow statement (operating, investing, financing).
- Balance sheet.
- KPI dashboard - ARR, NRR, Gross Margin %, Burn / Cash Runway, CAC Payback (if inputs become available).
Frequently asked
Is the Onfido financial model free?+
Yes. The Onfido model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Onfido's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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