Thursday, February 8, 2024
HomePeer to Peer LendingFintech Nexus Publication (February 7, 2024): Massive deal brewing within the ID...

Fintech Nexus Publication (February 7, 2024): Massive deal brewing within the ID verification house: Entrust is buying Onfido:

Late yesterday, we heard the information that Onfido, a pioneer in ID verification utilized by banks and fintechs all around the world, goes to be acquired by Entrust, a diversified safety and verification firm.

It seems to be like somebody leaked this deal as a result of based on the press launch from Entrust this morning, the phrases are usually not but finalized. There isn’t a time limit but however TechCrunch has realized that the acquisition worth is supposedly properly over $400 million.

Whereas Onfido has shoppers throughout completely different industries it actually grew up alongside the fintech house as fintech firms had been early adopters of AI and machine-readable verification instruments. 

For extra shade on Onfido, you may take heed to my podcast with their founding CEO, Husayn Kassai, right here and their present CEO, Mike Tuchen, right here.

Anti-fraud and ID verification instruments are in sizzling demand proper now as each financial institution and fintech firm desires to construct a frictionless expertise whereas on the identical time catching as a lot fraud as potential. 

There are going to be some very massive firms created on this house and clearly, Entrust is seeking to be one of many leaders right here.

> Confirmed: Entrust is shopping for AI-based ID verification startup Onfido, sources say for greater than $400M

By Ingrid Lunden

Onfido, an early mover on the earth of identification verification utilizing laptop imaginative and prescient, machine studying and different AI instruments, is getting acquired, TechCrunch has realized and confirmed.

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    The adoption of digital wallets is anticipated to develop with new use circumstances this yr. McKinsey predicts that greater than two-thirds of People count on to have a digital pockets inside two years, and plenty of will seemingly maintain a number of wallets.

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  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm targeted on fintech. Peter has been writing about fintech since 2010 and he’s the creator and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview sequence.



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