Onfido, an Oxford University student-led start-up, was sold for the highest ROI in the university’s history. Founded in 2012, Onfido grew into a global leader in AI-powered identity verification, now employing 500+ people. The sale proceeds will fund new companies and entrepreneurship programs at Oxford.
goodnewsfromstudent.com – The remarkable success of Onfido, an Oxford University student-led start-up, has not only achieved a significant financial milestone but also profoundly impacted countless lives globally. With its recent sale, Onfido’s story underscores the human element behind technological innovation and the far-reaching effects of entrepreneurial support.
Founded by students Husayn Kassai, Eamon Jubbawy, and Ruhul Amin, Onfido emerged from Oxford University Innovation’s Incubator in 2012. What started as a bold idea to revolutionize online identity verification has grown into a company employing over 500 people and generating more than £140 million in revenue. The founders’ journey, from Saïd Business School students to successful entrepreneurs, highlights the personal growth and relentless effort behind this achievement.
Reflecting on this journey, co-founder Husayn Kassai shared, “In 2012, at 22 years old, building a new way to verify identities online felt like a moonshot. Having support from Oxford Innovation’s first incubator provided a crucial launchpad – not only for the company but for our confidence.” Kassai’s words emphasize the importance of mentorship and belief in young innovators.
Onfido’s technology, a cloud-based, AI-powered identity verification system, is now used by millions globally, facilitating access to digital services for people from diverse backgrounds. From verifying identities for new digital banks to enabling secure transactions for hyper-growth startups, Onfido’s impact on everyday lives is profound. Individuals can now easily and securely access essential services, demonstrating the real-world benefits of technological advancements.
The sale of Onfido to Entrust Corp. is not just a financial triumph for Oxford University, yielding an 80 times return on the Oxford Seed Fund investment, but a testament to the power of nurturing young talent and ideas. This return will be reinvested in Oxford’s entrepreneurship programs, ensuring that future students and innovators receive the support they need to bring their ideas to life.
Mairi Gibbs, CEO of Oxford University Innovation, highlighted the broader implications, stating, “The return received by OUI will be reinvested in our Incubator programme to provide more opportunities for our student and staff entrepreneurs to train, collaborate and create companies which deliver game-changing technology.”
Onfido’s success story is a powerful reminder of the human element in entrepreneurship. It’s about more than just financial returns; it’s about the lives changed, the opportunities created, and the innovations that make the world a better place. The journey of Onfido’s founders, from students with a dream to leaders of a global enterprise, inspires a new generation to pursue their ideas and make a lasting impact.
Source: https://www.ox.ac.uk/news/2024-04-09-oxford-start-onfido-sale-signals-largest-ever-student-led-company-return-investment
