Cloud-based payments provider Checkout.com is set to snap up digital identify verification startup ubble for an undisclosed fee.
According to Checkout.com, the acquisition will enable it to expand its current suite of financial products that allows FinTechs and e-commerce merchants to accept and send payments to and from their customers, while managing the financial risk involved.
The firm added that the addition of IDV capabilities will ensure merchants and FinTechs are compliant with local regulations, can verify that their customers are who they say they are and can stay ahead of potential changes to the complex EU and global regulatory landscape in the future.
ubble markets a solution that enables the automated verification of a user’s identity for over 2000 types of documents from 214 countries and territories, using best-in-class machine learning models.
The deal is slated to close later this year pending regulatory approval.
Checkout.com chief product officer Meron Colbeci said, “ubble was founded with a mission to provide people with the convenience and security of using their personal identity in the digital world—and that is clearly becoming a growing need for e-commerce and crypto merchants, digital wallets, and other FinTechs we serve.
“We were impressed with the ubble team, their ability to rapidly drive machine-learning innovation in a complex and challenging space, and their market-leading engineering talent. By partnering more closely, we can significantly accelerate their already ambitious roadmap and bring the benefit of their cutting-edge technology to our thriving ecosystem of merchants.”
“We always put the needs of our merchants first. By expanding our security and fraud detection capabilities, we can reduce the time, cost and friction those merchants experience with existing IDV solutions. And they can offer their end consumers a simple and compelling experience, which lends itself to increased conversion rates and faster growth.”
ubble CEO François Wyss added, “For the past four years our team has worked to build a technology foundation that establishes trust between online services and their users, and respects and protects the privacy of identity data across the board. With today’s exciting news, we can increase the velocity of our IDV innovation journey, help to evolve the Checkout.com payments technology stack even further, and amplify and extend our collective reach and benefit to merchants around the world.”
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