Having been strategic partners prior to the deal, the addition of data sources from 4Stop to the Jumio KYX Platform will help Jumio to realise its vision of redefining the end-to-end identity industry.
The combination of 4Stop’s technology and solutions from Jumio will enable organisations to manage the entire customer identity lifecycle within a single, unified platform, and will allow for rapid configuration and integration through an individual API layer.
This acquisition, which is expected to close in early 2022, follows the launch of Jumio’s no-code orchestration layer for its KYX Platform, and is set to accelerate the identity management provider’s business and technology objectives to lead its space.
Identity security: a more assertive approach in the new digital world
“Today’s pace and sophistication of cyber crime means organisations cannot afford to rely on multiple vendors for their identity verification and fraud prevention needs,” said Robert Prigge, CEO of Jumio.
“There’s no way around it: a successful identity company must now have KYC, AML, KYB and orchestration. Together, 4Stop and Jumio’s solutions will offer this and more, delivering a complete, end-to-end approach to identity orchestration and fraud prevention.
“Not only will customers be able to rely on a single system for all of their identity and fraud prevention needs, they’ll also have an integrated and comprehensive view of their entire system, ensuring superior monitoring and risk management.”
Ingo Ernst, CEO of 4Stop, commented: “It has always been 4Stop’s passion to establish a modern, end-to-end and versatile data and risk management platform to better serve business’ global compliance and fraud defences.
“Our online ecosystem and regulations are constantly evolving. Businesses need to quickly adapt and sync with leading technology and obtain future-proof sustainability.
“We are very excited for the opportunity to join forces with Jumio to build and perfect crucial next-generation identity and anti-fraud solutions to support the growth of global online ecosystems.”
Jumio announced the completion of a $150 million funding round, the largest funding round in the history of digital identity, back in March.
The global data marketplace and orchestration hub offered by 4Stop, which was founded in Germany in 2016, integrates with multiple vendors giving access to more than 650 data sources across 195 countries.
The platform brings proprietary real-time anti-fraud technology and a selection of global data services for identity, transaction and compliance together, and makes said services available to users in a pick-and-choose model.
Using the marketplace, business can anticipate and manage their risk and fraud defence, regardless of region, market or industry worldwide, and make well-informed decisions backed by quantifiable data to manage regulatory obligations that will accelerate performance.