Onfido in talks with potential buyer for Augmentum Fintech Plc.

Onfido, the AI/ML-powered identity verification business, has entered into exclusive discussions with US-based Entrust, a global leader in trusted payments, identities, and data security. If the transaction goes ahead, the proceeds are expected to be at or slightly above the current holding value, and it will mark Augmentum Fintech’s sixth portfolio investment exit. Augmentum first invested in Onfido in 2018 with £4 million and a further £3.7 million in 2019. The fair value of the Onfido holding at 30 September 2023 was £9.7 million, representing 3.6% of the portfolio. Any agreement to the transaction is still subject to regulatory approval and other necessary steps.