Artificial intelligence (AI) identity verification startup Jumio is acquiring global KYC (know your customer) and fraud prevention firm 4Stop, its current strategic partner, for undisclosed terms, according to a press release on Tuesday (Dec. 7).
With 4Stop’s data sources added to the Jumio KYX Platform, Jumio will move closer to achieving its vision of redefining the end-to-end identity industry. Jumio’s solutions combined with 4Stop’s technology will enable organizations to manage a customer’s complete identity lifecycle on one integrated platform. The combination also allows for fast configuration and integration via one API layer, per the company announcement.
See also: Point Solutions and Piecemeal Approach to KYC Hinders Fraud Protection Efforts
Founded in 2016 and headquartered in Cologne, Nordrhein-Westfalen, Germany, 4Stop integrates with numerous vendors and provides a global data marketplace and orchestration hub with access to over 650 data sources in 195 countries. The company’s global data and risk marketplace combine its proprietary, real-time, anti-fraud technology with a wide offering of data services for identity, transactions and compliance.
The acquisition of 4Stop, which follows Jumio’s introduction of its no-code orchestration layer for its KYX Platform, is intended to position the company as a trailblazer in digital identity orchestration. The acquisition deal is anticipated to close early next year.
Read more: Jumio Intros No-Code Orchestration Layer for KYX Platform
“Today’s pace and sophistication of cybercrime mean organizations 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, but they’ll also have an integrated and comprehensive view of their entire system, ensuring superior monitoring and risk management,” Prigge continued.
Ingo Ernst, 4Stop CEO, said the company has always sought to develop an end-to-end platform that could “better serve business’ global compliance and fraud defenses,” and that with Jumio, they can together “perfect crucial, next-generation identity and anti-fraud solutions to support the growth of global online ecosystems.”
