The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
The firm's software validates a person's identity by taking their selfie and applying a mix of machine learning and human fraud experts to match their face with a government-issued ID.
Its latest round of funding, announced Wednesday, was led by Salesforce's venture capital arm and Japanese financial group SBI, with additional backing from Microsoft's venture unit and others.
Husayn Kassai, co-founder and CEO of Onfido, told CNBC that the company would use the fresh capital to "continue to invest in the technology and in the AI (artificial intelligence) component."
Onfido's AI is used to analyze people's faces to make sure they are who they say they are and reduce fraud. Its customers include crowdfunding site Indiegogo and remittances app Remitly.
Though headquartered in London, Kassai said Onfido actually gets most of its business now from the U.S., and is looking to strengthen its presence there.
Founded in 2012 by three Oxford University graduates, the company has been in expansion mode, increasing activity across the U.S., Europe and Southeast Asia.
The latest investment brings Onfido's total funding to more than $100 million. Frank van Veenendaal, former vice chairman of Salesforce, will join the start-up's board following the deal.
Kassai, who is originally from Iran, says he came up with the idea for the business based on his own personal frustrations with how long it took for his parents to apply for bank accounts and other services when they moved to the U.K.
"It basically took them months to be able to open a bank account and rent in their own name — and it's all because they weren't registered on the credit bureau," he said.
He says he felt credit agencies "exclude half the world's population" because so many people lack traditional access to financial services. According to the World Bank, 1.7 billion adults globally don't have access to banking.
Going forward, Onfido's boss said he sees people being able to use their selfies to check themselves into a hotel, order prescription drugs for home delivery and even voting.
Some of its competitors include U.S.-based Jumio and Canadian firm Trulioo. Onfido says it's different because it openly invites companies to trial its product and it's "good at doing machine learning properly."
According to industry consultancy group Smithers Pira, the global market for personal ID credentials was worth $9.5 billion last year and is set to grow to nearly $10.7 billion in 2023.