Member News
Why change strategy now?
Published
Share
Share on facebook
Share on twitter
Share on linkedin
Share on email

Onfido returns £5 million grant to business banking bailout fund

Onfido has paid back a £5 million grant to the Banking Competition Remedies fund after deciding to focus on its core identity verification business.

Onfido was one of the Pool E grant recipients of the RBS bail out fund in August last year. The cash grants are being handed out in an effort to boost competition in the small business banking market.

Onfido, which last year picked up a £100 million equity investment led by TPG Growth Partner, has just reported record growth figures for its core ID verification services in 2020.

The £5 million award from the BCR was intended to push the company into the Know your Business market.

In an update on the performance of Pool E grant recipients, the BCR states: “Onfido has undertaken a strategic review of its business, and as part of this process, decided to return its £5m award to BCR.”

The £5m returned will be allocated to the Capability and Innovation Fund (CIF) and held in trust until later deployment.

Read the full article here. Find out more about Onfido here.

Share this Article
Share on facebook
Share on twitter
Share on linkedin
Share on email
Related Insights
Featured
Amsterdam Fintech Week
Take a look at our yearly fintech festival, Amsterdam FinTech Week. Go on the dedicated website to check out the 2021 wrap up!
AMLD5 Guide
A source for consulting PSD2 legislation coupled with commentary, tips & tricks, applicability, in collaboration with our member law firms.