Plug and Play's Portfolio Company, Onfido, is Acquired by Entrust Corp.

SUNNYVALE, CALIFORNIA, February 28, 2024 - We are proud to announce that one of Plug and Play's portfolio companies, Onfido, an identity company, is being acquired by Entrust Corp, a leading payments technology company.

The deal will generate significant returns including a 320x return on investment for its first investor. The deal marks a pivotal moment for both Onfido and Plug and Play.

Our journey with Onfido began in 2016, when Plug and Play Partner George Damouny met with Husayn Kassai and Eamon Jubbaway, two of the three founders of Onfido. Luckily, Plug and Play invested in the company four times which turned out to be a huge success.

Our Partner George Damouny shared “I was immediately taken aback by how mature and confident they were in the business they were building, which they started when they were still in undergrad at Oxford! They had big competitors in the space and many incumbents entering it but we knew this was the team we wanted to back.”

Living our own ethos of the world moving fast, and plug and play helping you move faster, in addition to investment we have introduced Onfido to over 77 corporations since 2016. These introductions generated millions in revenue for Onfido.

Husayn Kassai, co-founder and former CEO of Onfido shared “George’s support, and Plug and Play’s contribution to Onfido has been pivotal. It’s what one would desire a true partnership to be and we are incredibly grateful. Plug and Play not only took a bet on 3 Oxford first time founders at 20 odd years of age with investment, they fostered instrumental connections, and helped propel Onfido towards this sweet end.”

Onfido, and Plug and Play’s relationship stands testament to the power of collaboration, and how the right support for companies at their earliest stages can truly help create profound results.

For now, we want to congratulate Husayn, Eamon, and the entire team at Onfido for being acquired by Entrust. Onwards.