LendInvest in ‘selfie’ partnership with ID verification firm Onfido
Mortgage marketplace LendInvest has announced a ‘selfie’ partnership with identity verification provider Onfido.
The tie-up will enable the West End-based property lender to streamline the digital application process for its buy-to-let (BTL) product.
LendInvest, which announced a pre-tax profit of £1.9m in its recent financial report, incorporated Onfido’s proprietary technology into its system to allow applicants to confirm their identity online, cutting out the need for paper forms.
Brokers on the platform can prove a client’s identity by uploading a photo of one ID document, such as a driving licence or passport, to LendInvest’s application portal along with a ‘selfie’ of the applicant taken on their phone.
In the coming months, LendInvest plans to incorporate Onfido tech into the onboarding process used for its online investment platform.
Christian Faes, co-founder and chief exec of LendInvest, said: “Working with Onfido is a great example of two fintech companies working together to solve an all-too-common financial services problem.
“We are continually developing our own technology tools and systems in-house to make the borrower journey through our products simpler, faster and more efficient.”
He added: “Wherever it makes sense, we’ll always integrate these with other technology leaders’ complementary tools for the added benefit of our customers.”
Onfido’s co-founder and CEO, Hussayn Kasai, commented: “We live in an increasingly online world, and in-person or paper-based processes are no longer fit for purpose.
“There’s increasing demand from both brokers and consumers for a fast, frictionless and secure lending experience, and we’re proud to work with market-leading companies like LendInvest to deliver that.”