Checkout.com will be acquiring French digital identity verification company ubble in an undisclosed amount later this year. ubble helps businesses fight against fraud with its online identity verification service that uses exclusive video live streaming and AI technology.
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The acquisition of ubble will enable Checkout.com 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.
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Meron Colbeci, Chief Product Officer at Checkout.com, 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. 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.”
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ubble's flagship technology 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 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.
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ubble CEO Francois Wyss said, “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.”
