Checkout.com Announces Acquisition of Digital Identity Company ubble

Checkout.com is to extend its merchant financial services portfolio with the acqusition of French digital identity verification (IDV) company, ubble.

The deal — slated to close later this year pending regulatory approval — comes amid the continued growth of online transaction volumes around the world, and the concurrent increased risk of fraud and money laundering.

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Founded in 2018, 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.

"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," explains Meron Colbeci, chief product officer at Checkout.com. "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."

Financial terms were not disclosed.

(Source: Finextra)