Payments start months after raising $1 billion checkout.com French start-up acquisition plan announced Erble, a company that operates a remote identity verification service. The transaction must close at the end of this year and Checkout.com does not disclose the terms of the transaction.
The acquisition adds a new product to Checkout.com’s portfolio of financial products. For Checkout.com customers, there is no need to outsource digital identity verification to another company.
Identity verification is especially important for crypto merchants and fintech companies. And it turns out that Checkout.com has quite a few customers in these two areas. In addition to complying with ‘Know Your Customer’ regulations, identity verification can be used to determine a customer’s age or identify potential fraud before it occurs.
Ubble supports 2,000 types of documents worldwide. Investors in the startup include Partech, Breega, Kima Ventures and several business angels.
“When we met the team, we were really moved. Meron Colbeci, Chief Product Officer at Checkout.com, said:
“We were amazed by the talent of the team and thought we had a good match,” he added. Co-founded in 2018 by François Wyss, Juliette Delanoë and Nicolas Debernardi, Ubble reached nearly 100 employees before today’s acquisition announcement. Everyone joins the takeover and joins Checkout.com.
When looking at digital identity startups, Checkout.com had several criteria such as accuracy, speed of decision, and the different types of fraud it could detect and sophistication.
After this acquisition, some customers may begin their relationship with Checkout.com through identity verification. “It starts with identity verification and extends to other payment and financial services,” Colbeci said.
However, the fact that Checkout.com may start offering other services to its existing customer base seems like a bigger opportunity for the company. When customers rate and rate Checkout.com as a potential supplier, they can use the same agreements and business relationships for other products.
“There will be opportunities to group certain things together to create attractive opportunities. Potentially even more important than pricing is the fact that you can integrate with a single set of APIs and have multiple services from one vendor,” Colbeci said.
Finally, Checkout.com can also leverage Ubble inside the enterprise. When a company registers a new march, it must also verify the identity of this new seller. As Checkout.com expands into the marketplace, you will have a highly scalable solution that can verify the identities of hundreds of thousands or millions of merchants.