Augmentum Fintech has highlighted an announcement today from one of the companies in its portfolio, Onfido.

Onfido has entered exclusive discussions with potential acquirer, US based Entrust, a global leader in trusted payments, identities and data security. If this transaction goes ahead, Augmentum expects that the proceeds will be at or slightly above the current holding value, and it will be Augmentum’s sixth portfolio investment exit.

Augmentum first invested in Onfido, the AI/ML-powered identity verification business, in 2018 with £4m, and topped that up with a further £3.7m in 2019. At 30 September 2023 the fair value of the Onfido holding was £9.7m (up 26%) representing 3.6% of the portfolio.

AUGM : Augmentum’s Onfido in bid talks