- Digital identification verification and fraud prevention innovator Mitek has agreed to amass KYC know-how firm HooYu.
- Mitek pays $129 million (£98 million) for the U.Ok.-based firm.
- Each companies are Finovate alums. Mitek made its most up-to-date look at FinovateFall 2017. HooYu demoed its know-how on the Finovate stage most not too long ago at FinovateEurope 2018.
Mitek’s settlement to amass KYC know-how specialist HooYu will assist companies confirm their buyer’s identification through a mix of biometric verification and real-time bureau and sanction database checks. Enabling establishments to leverage biometrics, ID doc validation, geolocation, and identification confidence scoring with bureau checks and sanction record opinions will assist them safe a extra full image of their customers.
HooYu’s means to coordinate these options won’t solely improve the identification verification course of for Mitek’s prospects, the know-how will even allow them to optimize workflows and empower corporations to deploy identification options throughout channels quicker.
“Having a single platform that simply orchestrates and configures a KYC journey to handle identities and determine unhealthy actors is turning into a prerequisite for any enterprise transacting digitally,” HooYu CEO Keith Marsden stated. “Bringing collectively Mitek’s lead in identification, liveness, and biometrics, with our orchestration, configuration, and journey providers simplifies identification administration for monetary establishments.”
Mitek’s acquisition of HooYu comes within the context of a world digital identification options market that’s anticipated to develop from $23.3 billion in 2021 to $49.5 billion by 2026, a compound annual development price of 16.2%. MarketsandMarkets, whose digital identification options report was cited by Mitek on this week’s acquisition announcement, credited the rise in each identity-related fraud and knowledge breaches, in addition to the necessity to maintain tempo with new rules, for the expansion on this market.
Moreover, the rise of the cryptocurrency and NFT (non-fungible token) markets – and the brand new regulatory regime that may accompany them – places an extra pressure on the compliance necessities of companies. For all of the authentic exercise in crypto and NFTs, there is no such thing as a doubt that these rising markets additionally signify new alternatives for illicit and felony habits.
“Our present geopolitical, industrial, and technological atmosphere represents an ideal storm for unhealthy actors,” Mitek CEO Max Carnecchia stated. “Mitek is main the struggle towards fraud by offering the know-how that companies must stamp out digital cash launderers and sanctioned people.”
In 2018, HooYu demoed its verification know-how at FinovateEurope in London. The 12 months earlier than, Mitek demoed its Cell Confirm know-how at FinovateFall in New York.
Photograph by Ann H