Norway's Signicat has acquired UK-based anti-fraud and identity technology company Sphonic for an undisclosed sum.
Established in 2012, the London-based RegTech has created a suite of products capable of automating compliance decision processes. The firm's primary product, Workflow Manager, enables clients to tap into identity verification and security tools from around 100 vendors via a single API. More recent products include a real-time fraud & AML transaction monitoring system in addition to a case management platform that also offers tools for visualising identity, fraud and AML data.
The deal is part of asn ongoing acquisition spree by Signicat, as part of a strategy to become a single provider for the entire digital identity and anti-financial crime lifecycle across Europe. Since 2019 Signicat has acquired five companies, including in the last year mobile authentication company Encap, electronic signing provider Dokobit, and identity proofing innovator Electronic IDentification.
“With digital fraud continuing to rise globally, it has become critical to know that your customers are who they claim to be," says Asger Hattel, CEO of Signicat. "With Sphonic’s leading team of professionals and their data orchestration and decisioning platform, we will be able to offer a more extensive range of onboarding services with highly flexible risk and compliance solutions - all of which can keep international customers safe from fraud."