A British start-up which fights online fraud is considering snubbing London for a New York listing amid rapid growth in its North American business.
Onfido is valued at around £345m according to accounts, having raised $200m (£143m) from investors including Salesforce, Microsoft’s venture capital arm and private equity firm TPG.
It has begun switching from British accounting rules to US standards in preparation for a “potential US IPO in the near future”, according to job listings.
The company, which employs 400 people, has also parted ways with its chief financial officer, David Clarke, and is hiring a US-based replacement. In May, Onfido said its US business had grown by 200pc year-on-year.
The start-up’s technology is used to verify customers for services such as fintech payments apps and digital banks. It uses facial recognition and biometrics to check a person’s face against identity documents such as a passport or drivers licence.
Founded by three Oxford graduates in 2012, Onfido has undergone a shift in its leadership team in the last year with the exit of two of its co-founders and its chief financial officer.
Husayn Kassai, its founding chief executive who owns around 6pc of its shares, left the company in November and was replaced by US technology executive Mike Tuchen. It also appointed former Salesforce president Frank van Veenendaal as its chairman.
A US float for Onfido would follow a string of listings in New York for British start-ups including online car dealer Cazoo, electric van maker Arrival, and satellite communications firm Arqit.
Despite the transatlantic exodus, the London Stock Exchange enjoyed its best first quarter since 2007, while a total of £9.4bn was raised by firms listing in the City in the first half of 2021.
A spokesman for Onfido said: “We’ve launched a search for a chief financial officer in the US and look forward to announcing our new CFO in due course. Onfido continues its impressive growth trajectory and remains focused on its path to initial public offering.”