European digital identity specialist Signicat has announced the acquisition of all shares in the UK-headquartered anti-fraud company Sphonic.
It builds on the continued growth of the firm, with it continuing on a period of strengthened acquisitions, as the entire digital identity and anti-financial crime life cycle across Europe continues to evolve.
Asger Hattel, CEO of Signicat, commented on the move: “With digital fraud continuing to rise globally, it has become critical to know that your customers are who they claim to be.
“With Sphonic’s leading team of professionals and their data orchestration and decisioning platform, we will be able to offer a more extensive range of onboarding services with highly flexible risk and compliance solutions – all of which can keep international customers safe from fraud.”
The collaboration is seeking to support customer onboarding, authentication, e-signing, as well as fraud and risk management.
Furthermore, it comes as Sphonic has recently expanded its solution offering with a highly scalable real-time fraud & AML transaction monitoring solution, in addition to a case management system that also offers tools for visualising identity, fraud, and AML data.
“We are excited to become part of the Signicat family,” added Andy Lee, Founder and General Manager of Sphonic. “For the past 10 years, we have built industry-leading solutions that solve some of the most complex onboarding and compliance challenges in heavily regulated industries for global digital payments, crypto, gaming and lending brands requiring rapid onboarding for their high-volume client base.
“With Signicat there was a great complementary fit. Now we are ready to accelerate our ambitions in new markets and verticals, creating a compelling joint global solution.”
Expert Analysis: This collaboration is undoubtedly in a strong position to build on the evolution of the fight against fraud and financial crime, as the sector becomes increasingly digitised – bringing fresher AML tech and strategies to the forefront.
