A few months After raising $ 1 billionstart of payments Checkout.com: announced plans to acquire a French startup Ubl, which operates a remote control authentication service. The transaction must be closed by the end of this year, և Checkout.com does not disclose the terms of the transaction.
With this achievement, Checkout.com adds a new product to its financial product portfolio. For Checkout.com customers, this means that they do not need to transfer their digital identity to another company.
Identity verification is especially important for crypto merchants and fintech companies. And it turns out that Checkout.com has a lot of customers in these two areas. In addition to complying with the “Know Your Customer” policy, an identity check can be used to check customers’ age or detect possible fraud before it happens.
Ubble supports over 2,000 types of documents from around the world. Startup investors include Partech, Breega, Kima Ventures and several business angels.
“When we met the team, we were really impressed. We were impressed with the technology they created, the culture of excellence they developed, ”Meron Kolbech, CEO of Checkout.com, told me.
“We admired the talent in their team, we thought it would be a good match for us,” he added. In 2018, Ubble, co-founded by François Weiss, Juliette Delanoe and Nicolas Debernardi, had almost 100 employees before today’s announcement. Everyone will be part of the purchase և join Checkout.com
When looking at digital authentication startups, Checkout.com had several criteria, such as accuracy, speed of decision, how many different types of scams can be detected, and how complex it is.
After this acquisition, there may be some customers who have started their relationship with Checkout.com by verifying their identity. “We start with identity checks and expand with other payment and financial services,” said Kolbech.
But the fact that Checkout.com may start offering another service to its existing customer base seems like a bigger opportunity for the company. When a customer evaluates out Checkout.com as a potential supplier, they can use the same contract և business relationship for other products.
“There will be opportunities for us to combine certain things to create attractive opportunities. “Perhaps even more important than pricing is the fact that you can integrate with a single vendor of APIs to have multiple services,” Kolbech said.
Finally, Checkout.com as a company can also use Ubble from within. When a company enters a new vendor, it must also verify the identity of that new vendor. As Checkout.com expands into the markets, it will have a solution that will be well-distributed to verify the identities of hundreds of thousands or even millions of sellers.