Onfido, the UK-based identity verification start-up, is set to be acquired by US payments company Entrust. The forthcoming acquisition is the culmination of a journey that began in 2010, when Onfido was founded by Husayn Kassai, Ruhul Amin, and Eamon Jubbawy.
Despite facing numerous obstacles, the team has realized a massively successful outcome, with initial investors seeing a 320x return on their investment. Surrounding themselves with a strong team of co-founders, employees, and advising fellow founders played a considerable part in overcoming these challenges.
The start-up journey began in early 2010 in London at a time when the technological and start-up environment was much different. The founders were driven by their mission to help people verify their online identities using AI, a vision that was encapsulated in Onfido’s product, primarily developed by technical co-founder, Ruhul Amin. Each founder brought a distinct strength to the table: Ruhul led technological innovations; Eamon shaped internal culture and processes; and Husayn drove growth and vision.
Despite their determination, they were aware of their limitations as first-time founders. They greatly benefitted from the mentorship and advice they received from co-founders of other start-ups like DueDil, GoCardless, and Transferwise. The invaluable advice they received, such as not overcomplicating things, greatly shaped their decisions and strategies.
Onfido’s success story should also be seen as a celebration of teamwork. Recognizing the importance of a shared sense of purpose, the founders ensured that employees became equity owners. As Kassai explains, “over a fifth of the company is owned by the team which is rightly more than the founders.”
Their startup journey was also marked by the importance of networking and relationships. This led to pivotal encounters with the likes of Alexandra Depledge, founder of the on-demand company Teddle, who greatly facilitated their path into the fintech ecosystem, and ultimately, the mainstream banking sector. As a result, they were able to gain a network of trusted and high-caliber advisors and investors, including Founders Forum’s Brent Hoberman, who offered critical introductions to key players in the industry.
This story of Onfido underscores the values of perseverance, networking, building a dedicated team, and the impact of mentoring for every start-up journey.
