# Onfido Financial Model

AI-powered identity verification platform enabling businesses to verify real-world identities digitally in seconds via document and biometric checks.

- Canonical: https://finamodel.com/startups/onfido
- Excel download: https://finamodel.com/startup-models/onfido.xlsx
- Category: Enterprise/Security
- Model type: SaaS ARR / Valuation
- Funding round: Series D
- Funding: $100M
- Founded: 2020
- Geography: Global - HQ London; offices in San Francisco, Albuquerque, New York, Lisbon, Paris, Berlin, Delhi, Singapore [DECK, slide 2].
- Customer: B2B

## About the company

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.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## 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).

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## 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:**
  1. Assumptions & inputs (all drivers on one sheet).
  2. Revenue build - cohort-based ARR waterfall (new ARR, expansion via NRR, churned ARR, ending ARR).
  3. P&L - Gross Profit, S&M, R&D, G&A, EBITDA, EBIT.
  4. Headcount plan (by function: Engineering, Sales, G&A).
  5. Cash flow statement (operating, investing, financing).
  6. Balance sheet.
  7. KPI dashboard - ARR, NRR, Gross Margin %, Burn / Cash Runway, CAC Payback (if inputs become available).

## Frequently asked questions

### Is the Onfido financial model free?

Yes. The Onfido model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.