onfido’s husayn kassai steps back, brings in new ceo ahead of a planned ipo

Significant developments are underway at Onfido, the internationally recognized identity verification and authentication platform that has experienced substantial growth with the increasing digitization of services during the pandemic. The company, having secured over $200 million in funding, is designating a new Chief Executive Officer as it prepares for a potential Initial Public Offering (IPO) in the future, as stated by co-founder and current CEO Husayn Kassai.

Effective this week, Kassai has transitioned leadership responsibilities to Mike Tuchen, previously the CEO of Talend, where he successfully led the company through its Nasdaq listing in 2016.

Kassai will continue to contribute to Onfido, dedicating approximately “2-3 days a week” to support Tuchen in guiding the company through its next phase of expansion across various industries and regions, and ultimately toward an IPO.

Before his role at Talend, a prominent provider of cloud data integration solutions, Tuchen oversaw Rapid7, a security software company, and established a marketing analytics startup following leadership positions at Microsoft and Polycom.

Kassai established Onfido in 2012 alongside Eamon Jubbawy and Ruhul Amin with the goal of simplifying and enhancing the accuracy of digital identity verification, and the company now has a workforce exceeding 400 employees worldwide.

In an exclusive conversation with TechCrunch, Kassai explained: “For the past decade, it’s been a continuous effort. I’ve guided the company from its inception to its current state. To progress from ‘one to 100,’ particularly with an IPO and public listing, requires engagement with advisory firms, banks, and others, which is an enjoyable process, but not my primary focus. Therefore, I prefer to step aside, remain involved with the company, and assist an experienced CEO in steering it through this next stage.”

When questioned about other motivations for his departure, Kassai informed TechCrunch: “This decision is primarily driven by the focus on the IPO, and I’ve been discussing internally for a year about taking a break after this ten-year period. My personal life has been largely paused during this time. Things like exercise, healthy eating, and family celebrations have been put aside. This change allows me to reclaim some of my personal life while ensuring the company remains in capable hands.”

Regarding a potential new title such as chairman or co-CEO, Kassai indicated that this remains to be determined.

During a joint call with Tuchen, Tuchen stated: “My initial venture was a security firm in Boston, which is now publicly traded on the Nasdaq. We also took Talends public in 2016. I possess considerable experience operating in both European and U.S. markets.”

Tuchen will be operating from California, reflecting the company’s transition to a remote work model due to the pandemic: “I don’t anticipate extensive travel during the COVID-19 pandemic. We are currently a remote-first organization and will remain so for the foreseeable future, while we evaluate our long-term plans as we return to the office following vaccinations. I previously spent a significant amount of time traveling, but we are now exploring how to build similar relationships with colleagues via Zoom and other virtual tools. The entire onboarding process for me has been conducted remotely, so we are all navigating this new dynamic environment.”

Tuchen mentioned that a decision regarding the location of the IPO has not yet been made, but it is “most likely to be on one of the U.S. exchanges.”

The decision to pursue an IPO may have been influenced by growing competition within the identity verification sector from companies such as Stripe, Berbix, and Persona, as well as challenges from established players like Acuant and Mitek.