AI-powered eKYC and AML solutions provider Jumio is set to acquire its current strategic partner 4Stop.
Known for its data marketplace and orchestration hub for KYB, KYC, compliance and fraud prevention, the addition of 4Stop’s data sources to Jumio’s KYX platform is said to align with the provider’s “strategic vision of redefining the end-to-end identity industry”.
Commenting on the deal, Robert Prigge, CEO of Jumio, stated: “Today’s pace and sophistication of cybercrime means organisations cannot afford to rely on multiple vendors for their identity verification and fraud prevention needs.
“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.”
Founded in Germany in 2016, 4Stop’s global data marketplace and orchestration hub integrates with multiple vendors giving access to more than 650 data sources across 195 countries.
The firm’s global data and risk marketplace brings together its proprietary real-time anti-fraud technology with a selection of global data services for identity, transaction and compliance available in a pick-and-choose model.
Moreover, its technology, when combined with Jumio’s solutions, is said to enable organisations to manage the entire customer identity lifecycle within a single, unified platform and will allow for rapid configuration and integration through its API layer.
“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,” said Ingo Ernst, 4Stop CEO. “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.”
This acquisition follows the launch of Jumio’s no-code orchestration layer for its KYX platform and will accelerate Jumio’s business and technology objectives to solidify itself as the leader in digital identity orchestration.
Financial terms of the agreement, which is expected to close in early 2022, were not disclosed.