Checkout.com is set to enhance its merchant financial services portfolio by acquiring French digital identity verification (IDV) company, ubble. The deal, expected to finalize later this year pending regulatory approval, is timely given the ongoing increase in online transaction volumes globally, alongside a rising threat of fraud and money laundering.
Founded in 2018, ubble offers advanced technology that automates the verification of users’ identities for over 2,000 types of documents from 214 countries and territories, utilizing cutting-edge machine learning models.
“Ubble was established to provide individuals with the convenience and security of using their personal identity in the digital realm, which is becoming increasingly vital for e-commerce, crypto merchants, digital wallets, and various fintech companies we support,” said Meron Colbeci, chief product officer at Checkout.com. “By enhancing our security and fraud detection capabilities, we aim to minimize the time, cost, and friction that these merchants encounter with current IDV solutions, ultimately delivering a simple and effective experience for end consumers. This approach is likely to boost conversion rates and accelerate growth.”
Financial terms of the acquisition have not been disclosed.