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Onfido

Scaling Success: How Onfido Transformed Global Finance with NetSuite

FinTech

NoBlue2 gave us an agile, tailored approach that transformed our financial operations. Their expertise in NetSuite and integrations allowed us to streamline our financial processes and scale globally without friction.

Overview

  • Customer Name: Onfido
  • Industry: FinTech
  • Summary of Challenge: Onfido needed a scalable, automated financial system to support its rapid international expansion.
  • Solution Overview: NoBlue2 implemented Oracle NetSuite OneWorld, Jitterbit, and Avalara to streamline financial processes and enhance operational efficiency.
  • Key Results:
    • 50% reduction in time spent on financial consolidation
    • Improved tax compliance across multiple jurisdictions
    • Seamless integration with in-house business systems

Background

Onfido was founded in 2012 to revolutionise identity verification using artificial intelligence. The company specialises in AI-driven authentication, enabling businesses to verify customer identities using photo-based documents and biometric selfies.

Headquartered in London, UK, Onfido has grown significantly, expanding into multiple international markets and working with over 1,100 organisations, including leading financial institutions, sharing economy platforms, and enterprise businesses. Their technology supports secure, compliant, and frictionless identity verification processes, making digital transactions more accessible worldwide.

As Onfido grew, it faced increasing complexity in managing its global operations, particularly in financial reporting, tax compliance, and revenue management. The company required a modernised, automated system to scale efficiently and support its rapid expansion.

Initial Challenges:

  • Manual, inefficient financial operations slowed Onfido’s ability to scale, causing financial reporting and billing cycles delays.
  • Complex international tax and compliance requirements created operational bottlenecks, particularly in managing multi-country taxation laws and regulations.
  • Disparate legacy systems made financial reporting and billing cumbersome, requiring excessive manual effort and reconciliation across different systems.
  • Lack of real-time financial insights hindered strategic decision-making and forecasting.

The Solution

NoBlue2’s Approach:

To address these challenges, NoBlue2 proposed a strategic phased implementation of Oracle NetSuite OneWorld as a centralised, scalable financial platform. This approach ensured seamless system integration and process automation while minimising disruption to daily operations.

Implementation Details:

  • Oracle NetSuite OneWorld: Implemented as the core financial platform, providing robust multi-entity, multi-currency capabilities, ensuring streamlined financial reporting across global operations.
  • Jitterbit Integration Platform: Used to integrate NetSuite with essential business applications, enhancing automation and reducing data silos.
    • Salesforce Integration: Improved synchronisation between sales and finance, enabling a seamless opportunity-to-cash process.
    • In-House Service Consumption System Integration: Enabled real-time tracking and automated service usage billing.
  • Avalara Tax Compliance Solution: Automated tax calculations for multiple jurisdictions, ensuring regulatory compliance and reducing the risk of tax miscalculations.
  • Custom Contract Billing System: Developed by NoBlue2 within NetSuite, this tailored module automates complex billing processes, reduces manual data entry, and ensures accuracy in revenue recognition.
  • Advanced Reporting and Dashboards: Configured within NetSuite to provide real-time financial insights, improving forecasting and strategic planning.

The deployment was executed on time and within budget, ensuring minimal business disruption while enhancing financial efficiency and compliance.

Results and Outcomes

Quantifiable Success:

  • 50% faster financial consolidation across multiple global subsidiaries, significantly reducing month-end and year-end closing time.
  • Enhanced tax compliance through automated calculations, ensuring regulatory adherence across various countries.
  • Seamless integration between financial and operational platforms, improving data flow and reducing errors.
  • Accelerated billing processes, eliminating inefficiencies and ensuring timely revenue recognition.

 

Qualitative Benefits:

  • Improved financial visibility and control allow the finance team to make data-driven decisions confidently.
  • Operational efficiency gains, freeing up valuable time for strategic initiatives rather than manual reconciliations.
  • Scalability for continued growth ensures that Onfido’s financial systems remain robust as the company expands into international markets.
  • Enhanced user experience, as employees no longer need manual interventions, leads to increased productivity.

Conclusion

With the implementation of NetSuite OneWorld, Onfido has successfully modernised its financial infrastructure, enabling greater operational efficiency and scalability. By eliminating the inefficiencies of disparate legacy systems, automating complex billing and tax processes, and integrating key business platforms, Onfido now operates with increased agility and precision.

This transformation has positioned Onfido to support continued global expansion while ensuring compliance with international tax and financial regulations. The seamless integration between NetSuite, Salesforce, and in-house systems has provided Onfido with a single source of truth for economic data, fostering better decision-making and strategic growth.

Looking Ahead

Onfido’s journey doesn’t stop here. With a solid cloud-based financial foundation in place, the company is now exploring new ways to drive efficiency and innovation.

The focus for the future includes expanding automation across additional financial workflows, leveraging AI-driven insights to refine strategic decision-making, and further integrating predictive analytics into their financial operations.

With NoBlue2 as a trusted partner, Onfido remains committed to continuous improvement, ensuring its financial operations remain agile, scalable, and ready for whatever comes next.

 

 

Are you facing similar challenges with outdated systems and inefficient processes? NoBlue2 can help modernise your operations with a tailored ERP solution. Contact us today to explore how we can support your business growth and digital transformation.

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