London-based payments solutions provider Checkout.com is set to acquire French ID verification start-up ubble for an undisclosed sum.
Checkout.com says the deal, set to close later this year, will help build out its financial product offering, enabling e-commerce merchants to verify customers and capitalise on the expanding digital economy.
The addition of ubble’s ID verification capabilities will enable fintechs and merchants to remain compliant with local regulations and future-proof their operations ahead of potential changes to EU and global regulations.
Founded in 2018, ubble’s flagship solution enables the automated verification of more than 2,000 types of documents from 214 countries and territories, using machine learning models.
Checkout.com chief product officer Meron Colbeci says the ability to use one’s personal identity in the digital world securely is “clearly becoming a growing need for e-commerce and crypto merchants, digital wallets and other fintechs we serve”.
Ubble CEO François Wyss says the deal with Checkout.com will allow the platform to “increase the velocity of our ID verification innovation journey, help to evolve the Checkout.com payments technology stack even further and amplify and extend our collective reach”.
In January, Checkout.com raised a mammoth $1 billion in a Series D funding round that took the company’s valuation up to $40 billion.