Interac to acquire digital identity startup 2Keys

Digital payments platform Interac has acquired digital identity platform 2Keys to help Canadians boost security in online payments.

2Keys and its team of nearly 100 employees will join Interac to support the development of the digital ID services. In working together, Interac is hoping to help its Canadian customers get more secure and better access and use their digital identity, data and money.

Following the deal close, 2Keys will continue to operate under its own brand but as a subsidiary of Interac.

According to research from Interac, Canadians are keen on protecting their identity, with 83% describing it as one of their most valuable assets. Furthermore, 52% of Canadians state it is more important to protect their identity than their money.

The research also states 77% of Canadians believe they do not have enough control over their personal and financial information.

2Keys supplies financial institutions, commercial clients and the Canadian government with digital identity and cybersecurity services.

Interac Corp CEO Mark O’Connell said, “The foundational technology behind our secure payments network, combined with the trust we have established with Canadians, positions us well to further enhance digital ID and commerce through secure authentication.

“Acquiring the deep expertise of 2Keys gives Interac capabilities it can bring to the marketplace to support the development of digital ID solutions for Canadians’ increasingly digital lives.”

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