Jumio is looking to reinforce its KYX platform with data from 4Stop, a data hub for Know Your Business and Know Your Customer compliance and fraud prevention. To that end, Jumio is acquiring the German startup in a deal that is expected to close in early 2022.
4Stop’s platform is designed to collect data from 650 sources across every country in the world, offering it up through a single API to help clients assess fraud risks and ensure regulatory compliance. As such, it could be a perfect fit for Jumio’s KYX platform, which is aimed at providing a comprehensive AML and KYC compliance solution with Jumio’s selfie onboarding system at its core.
“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 defenses,” explained 4Stop CEO Ingo Ernst. “Our online ecosystem and regulations are constantly evolving. Businesses need to quickly adapt and sync with leading technology and obtain future-proof sustainability.”
Since KYX’s launched in late 2020, Jumio has sought to enhance the platform by expanding its use of liveness detection technology earlier this year, and the addition of a risk screening orchestration layer in October.
“There’s no way around it: a successful identity company must now have KYC, AML, KYB and orchestration,” said Jumio CEO Robert Prigge. “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.”
With its incorporation of the 4Stop platform, Jumio is looking to fuel its continuing momentum, with the company recently having reported a 130 percent year-over-year uptick in new business in its third quarter. Financial terms of the transaction have not been disclosed.
December 7, 2021 – by Alex Perala