Identity verification, eKYC and AML specialist Jumio has strengthened its compliance capabilities, through the acquisition of 4Stop, a KYB, KYC, compliance and fraud prevention orchestration hub and data marketplace.
The full acquisition of 4Stop – which prior to the takeover was a strategic partner of Jumio – is expected to be completed early 2022, although financial terms have not been disclosed. Jumino aims to offer organisations the ability to manage the customer identity lifecycle via a single unified platform.
In turn, the company hopes that this will allow for rapid configuration and integration through one API layer, and fitting into Jumino’s wider strategic objective of ‘redefining the end-to-end identity industry’.
“Today’s pace and sophistication of cybercrime means organisations cannot afford to rely on multiple vendors for their identity verification and fraud prevention needs,” said Jumio CEO Robert Prigge.
“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.”
4Stop was founded in Germany in 2016, functioning as an international data marketplace and orchestration hub, integrating with and enabling vendors access to over 650 data sources across 195 countries.
Jumio’s acquisition of the firm follows on from the introduction of an intuitive no-code orchestration layer for its KYX Platform, and the new owner intends to leverage 4Stop to accelerate its business and technology objectives and “solidify itself as the leader in digital identity orchestration”.
Ingo Ernst, 4Stop CEO, remarked: “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.”
Earlier this year, following strong Q2 trading results which saw the firm’s revenue and sales increase by 150%, Jumio appointed Anna Convery as its new Chief Marketing Officer. She has the responsibility for building “highly scalable, highly optimised marketing functions” to continue growth in both group income and market share.