Private equity news uk OneID: The Digital Identification Startup That's Changing the Game

OneID: The Digital Identification Startup Gets £1m of Investment

OneID is a UK-based startup that provides bank-verified digital identification services to help people prove their identity online.

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The company was founded in 2020 and has recently secured a £1m investment from ACF Investors to further develop its product and bolster its mission to make the world a safer place.

OneID: The Digital Identification Startup That's Changing the Game

OneID’s solution eliminates the need for physical identification documents and enables businesses and individuals to digitally prove their identity instantly and anywhere. The company works with banks to verify customers’ details with their associated bank account, a process known as bank-verified digital identification. This approach has been adopted across Europe, notably in Sweden via BankID and Belgium through Itsme.

As the world increasingly becomes digital-first, OneID aims to minimise fraud, enhance online experiences, and make digital identification accessible and available to more UK citizens. The CEO of OneID, Paula Sussex, sees the investment as a “vote of confidence” in the company’s efforts to achieve these goals.

The investment from ACF Investors will go towards further product development, and the managing partner of ACF Investors, Tim Mills, believes that OneID’s solution could touch some 50 million UK citizens and make bank-verified digital identification the norm in the UK.

While the digital ID industry is relatively nascent, it has been picking up momentum through the success of startups such as Yoti and fintech unicorn The method of using digital tools to replace ID recently received a major endorsement from former Prime Minister Tony Blair and former leader of the Conservative Party William Hague, who have jointly called for the UK to fully embrace the technology.

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