Fagura selects Onfido to automate customer onboarding using AI-powered identity verification

Fagura, the first P2P lending platform in Moldova, today announced a partnership with Onfido, the global identity verification and authentication company, simplifying identity for everyone.

Onfido’s solution automates the verification process, enabling Fagura’s customers to complete the signup process securely and efficiently so they can onboard and start their investment journey faster without the requirement of manually filling in long identification forms. This is a strategic shift for Fagura, becoming one of the first companies to implement remote identity verification nationally.

The partnership has had immediate results in Beta testing:

• Users can onboard to Fagura in less than 5 minutes, reducing onboarding time by a third.
• Fagura predicts a 70% decrease in the rate of identification drop-off from new users (clients abandoning the identification process due to manual forms and wrong credentials).

By integrating Onfido’s AI-powered identity verification service, Fagura’s customers are able to sign up by simply taking a photo of their government-issued identity document (ID) and a selfie. Onfido first checks that the ID is genuine and not fraudulent, and then matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present. Users are able to start their digital journey anywhere, anytime, through a simple and user-friendly online experience that meets regulatory requirements.

„We chose Onfido for its leading identity verification technology, its great user interface, the back-office dashboard capabilities and the high-calibre client portfolio,” said Tudor Darie, CEO at Fagura.

„We are pleased to support Fagura’s vision to create a more trusted, secure platform connecting investors and borrowers,” said Oliver Krebs, SVP EMEA at Onfido. „Because our machine learning models continuously learn to identify new fraud trends, we can enable Fagura to onboard more users, more quickly without compromising on their fraud requirements. This helps build user trust and safety online while meeting Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. With just a smartphone and a government ID, legitimate users can now more easily get access to trade online.”

About Onfido

Onfido is simplifying digital identity for everyone. The company makes it easy for people to access services by digitally proving a person’s real identity by verifying a photo ID and facial biometrics with award-winning artificial intelligence (AI). That’s how it powers secure and inclusive relationships between businesses and their customers without compromising experience, conversion, or security.

Recognized as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Idinvest Partners, Crane Venture Partners, Salesforce Ventures, M12 (Microsoft) and others. In 2021 they were awarded ‘Artificial Intelligence and Machine Learning Hot Company’ by CyberDefense Global Infosec Awards, ‘Fraud Prevention Innovation of the Year’ at the CyberSecurity Breakthrough Awards, and named to the CB Insights Fintech 250 for the fourth year running. They partner with over 800 businesses globally to help millions access services every week – from billion dollar institutions to hypergrowth start-ups. Onfido supports checks in 195 countries, and 2,500+ document types.

About Fagura

Fagura is the first P2P lending company in Moldova that is currently expanding into Romania and the EU. Fagura connects lenders and borrowers on better terms. The company specialised in consumer lending until now and is about to add lending for businesses in March. The investors on the platform generate double digit rates while helping others in need.

Fagura is willing to empower future generations to drive global financial prosperity. The company is on a mission to build the first community digital bank for millennials and their successors to invest, borrow, make payments and transfer money instantly.