DealMakerz

Complete British News World

Signicat acquires UK-based Sphonic, a specialist in anti-fraud solutions and identification technologies

Signicat acquires UK-based Sphonic, a specialist in anti-fraud solutions and identification technologies

One of Signicat’s largest acquisitions to date, Europe’s leading digital identifiers specialize in providing protection to banks and other customers from fraud, financial crime and money laundering. As a result of the acquisition, a global robust ecosystem for identities was created.

SignedOne of Europe’s largest suppliers of solutions for digital identities and electronic signatures buys all shares of anti-fraud company Sponic For unpublished amount.

The Trondheim-based company has grown rapidly in recent years, both naturally and through acquisitions. The vision is to become a leading provider of digital identities and solutions to crimes against finance in all European markets. These include identification solutions that support customer adaptation, authentication, electronic signatures, anti-fraud and risk management. Since 2019, Signicat has acquired companies including Norwegian Encop, Lithuania, including Tocopit and Spanish Electronic Identification.

Sponic was founded in London in 2012 and is a pioneer in automating compliance decision-making processes. They have a unique track record of helping financial institutions, financial technology companies, gaming operators and payment system providers manage customer inflows and risks, including operations such as credit checks, investment efficiency checks and other regulatory compliance checks. With this new acquisition, Signicat will expand its existing identity base with Sphonic’s solutions for Customer Awareness (KYC), Business Awareness (KYB) and Anti – Money Laundering Solutions (AML).

“Digital fraud is on the rise, and it’s important to know that your customers are actually acting like they are. Protects against fraud “, says Asger Hattel, CEO of Signicat.

Sphonic’s flagship product, Workflow Manager, allows customers to customize, automate, and manage streamlined compliance flows. Sphonic provides access to more than 95 of the world’s leading data and technology providers, enabling banks and other organizations to access the best technologies through a single API. The solution improves data quality and provides increased intelligence, which customers can use to make decisions about onboarding. It reduces customer onboarding time from days to seconds, prevents customers from leaving and prevents fraud, and provides an experience that is in tune with the digital age.

See also  Four NATO ships to Stockholm - DN.SE

In addition to providing a case management system that provides tools for visualizing identities, fraud and AML data, Sphonic has recently developed an internal real-time solution for tracking fraud and AML transactions.

Andy Lee, Founder and CEO of Sphonic, said: “We are delighted to be a part of the Signicat family. . Large customer base is important.Signicat provides a good partner for our solutions and we are ready to enhance our ambitions in new markets and verticals and build successful collaborative global solutions.

Sphonic will be a separate law firm for a short period of time, renamed “Sphonic, a Signicat Company” and later fully integrated with Signicat.

Sphonic’s 24 employees, based in the UK and Portugal, have partnered with Signicat for the acquisition. Sphonic’s board of directors will continue to manage business operations in the UK and will be part of Signicat’s board of directors. Andy Lee continues as Signicat’s Country Manager in the UK.

The acquisition is subject to current terms and conditions, including the approval of European competing authorities.