back Back

Signicat announced the acquisition of Sphonic

By Joy Dumasia

May 03, 2022

  • Acquisition
  • AML
  • Compliance
Share

Signicat, one of Europe’s leading digital identity and electronic signature solutions providers, is acquiring all shares in the UK-headquartered anti-fraud company Sphonic for an undisclosed sum. Existing management shareholders will reinvest a substantial part of the consideration into Signicat.

Signicat has grown rapidly in the last years, both organically and through acquisitions. The digital identity pioneer aims to be a single provider for the entire digital identity and anti-financial crime lifecycle across Europe. This includes identity solutions to support customer onboarding, authentication, e-signing, fraud management and risk management. Since 2019 Signicat has acquired five companies, including the last year mobile authentication company Encap, electronic signing provider Dokobit, and identity proofing innovator Electronic IDentification.

Sphonic was founded in London in 2012 and is a pioneer in automating compliance decision processes. The company has a unique track record of helping financial services, FinTechs, gaming operators and the payments ecosystem manage their client onboardings and risk assessments, including activities such as credit checks, affordability checks, and other compliance checks. With this acquisition, Signicat will be able to extend its leading existing identity platform with Sphonic’s know your customer (KYC), know your business (KYB) and anti-money laundering (AML) solutions.

Asger Hattel, CEO of Signicat, said: “With digital fraud continuing to rise globally, it has become critical to know that your customers are who they claim to be. 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.” 

Sphonic’s primary product, Workflow Manager, enables clients to customise, automate and manage compliance workflows seamlessly. Sphonic leverages around 100 of the world’s leading data and technology providers, allowing banks and other institutions to access the best-in-breed technologies via a single API. The solution improves the data quality and increases end-user insights that the customers can use to make an onboarding decision. It also reduces a client’s customer onboarding time from days to seconds and prevents customer drop-off rates. It prevents fraud and provides an experience fit for the digital age.

Sphonic has recently expanded its solution offering with a highly scalable real-time fraud & AML transaction monitoring solution and a case management system that also offers tools for visualising identity, fraud and AML data.

Andy Lee, the Founder and General Manager of Sphonic, said: “We are excited to become part of the Signicat family. For the past 10 years, we have built industry-leading solutions that solve some of the most complex onboarding and compliance challenges in heavily regulated industries for global digital payments, crypto, gaming and lending brands requiring rapid onboarding for their high-volume client base. With Signicat, there was a great complementary fit. Now we are ready to accelerate our ambitions in new markets and verticals and creating a compelling joint global solution.”

Previous Article

May 03, 2022

UKCloud collaborates with VMware to secure the UK’s sovereign digital future

Read More
Next Article

May 03, 2022

Temenos to offer explainable AI on Oracle Cloud Infrastructure

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Acquisition

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Decentro elevates its DigiLocker Stack to secure KYC processes in India

Read More

April 18, 2024

5 RegTech platforms streamlining finance compliance in India

Read More

April 18, 2024

Berenberg selects Kaizen for enhanced regulatory reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023