Checkout.com, a startup in the payments industry that just raised $1 billion, has revealed that it intends to buy Ubble, a French company that runs a remote identity verification service. Checkout.com isn’t releasing the details of the acquisition, which is expected to finalize later this year. With this purchase, Checkout.com is expanding the range of financial products it offers. Customers of Checkout.com can avoid outsourcing digital identity verification to a different business thanks to this.
Identity verification is crucial for fintech businesses and cryptocurrency merchants in particular. In fact, Checkout.com has a sizable consumer base in these two regions. Identity verification can be used to confirm the consumers’ ages or spot possible fraud before it occurs, in addition to adhering to the “know-your-customer” law. 2,000 different document types from around the globe are supported by Ubble. Partech, Breega, Kima Ventures, and a number of business angels are among the investors in the startup.
“We were quite impressed with the crew when we first met them. Meron Colbeci, chief product officer at Checkout.com, told me, “We were thrilled with the tech that they produced and the culture of excellence that they fostered. The skill on their side “blew us away,” he continued, “and we believed there was a good match with us.” Before today’s purchase news, Ubble had approximately 100 workers, having been co-founded in 2018 by François Wyss, Juliette Delano, and Nicolas Debernardi. All parties involved in the transaction will become members of Checkout.com.
Checkout.com has a few requirements when evaluating firms offering digital identity verification, including accuracy, decision-making speed, the variety of frauds they can identify, and level of sophistication. Some consumers could begin their connection with Checkout.com through identity verification as a result of this purchase. Colbeci stated, “We begin with identity verification and then expand to other payment and banking services.
However, it appears that Checkout.com’s ability to begin providing more services to its current clientele represents a greater business opportunity. The same contract and business relationship can be used for additional items when a client has analyzed and assessed Checkout.com as a possible provider. There will be chances for us to group particular items together and produce alluring prospects.
The ability to interact with a single set of APIs with one provider and have access to several services may be potentially even more significant than cost, according to Colbeci. Last but not least, Checkout.com as a business might utilize Ubble internally. The business must confirm the new merchant’s identification before welcoming them on board. Checkout.com will have a system that scales effectively to verify the identification of hundreds of thousands or perhaps millions of merchants when it extends to marketplaces.