As part of the expansion of its financial services offering, Checkout, the global cloud-based payment solutions provider, has announced its intention to acquire online identity verification startup, Ubble.                                                                                                     

The deal - which is expected to close later this year subject to regulatory approval - comes against a backdrop of continued global growth in online transaction volumes, accompanied by a simultaneous increase in fraud and money laundering risks. The acquisition also aligns with Checkout.com's mission to make digital economy an enabling environment for businesses and their ecosystems.

The acquisition of Ubble will allow Checkout.com to expand its financial product portfolio, used by fintechs and e-commerce players to accept and order payment transactions with their customers, while managing the associated financial risk.

The addition of online identity verification will support another important aspect of the payment journey: ensuring that sellers and fintechs are compliant with local regulations, verifying that their customers are who they claim to be, and anticipating the potentially changing and complex legal environment in EU and globally.

Co-founded in 2018 by François Wyss (CEO), Juliette Delanoe (CRO) and Nicolas Debernardi (CTO), Ubble is the pioneer in the use of real-time video identity verification technologies. The company now has nearly 100 employees in its French offices. The company's flagship solution automatically verifies a user's identity, based on more than 2,000 document types from 214 countries, using best-in-class machine learning processes.