acquires digital identity startup ubble has announced the acquisition of digital identity startup, ubble, as part of its drive to expand its financial services offering.

The deal, slated to close later this year pending regulatory approval, comes amid the continued growth of online transaction volumes around the world, and the concurrent increased risk of fraud and money laundering.

It will also allow to expand its current suite of financial products that allows fintechs and ecommerce merchants to accept and send payments to and from their customers, while managing the financial risk involved.

“ubble was founded with a mission to provide people with the convenience and security of using their personal identity in the digital world–and that is clearly becoming a growing need for e-commerce and crypto merchants, digital wallets, and other fintechs we serve,” chief product officer Meron Colbeci said.

“We were impressed with the ubble team, their ability to rapidly drive machine-learning innovation in a complex and challenging space, and their market-leading engineering talent.

“By partnering more closely, we can significantly accelerate their already ambitious roadmap and bring the benefit of their cutting-edge technology to our thriving ecosystem of merchants.”

ubble CEO François Wyss added: “For the past four years our team has worked to build a technology foundation that establishes trust between online services and their users, and respects and protects the privacy of identity data across the board.

“With today’s exciting news, we can increase the velocity of our IDV innovation journey, help to evolve the payments technology stack even further, and amplify and extend our collective reach and benefit to merchants around the world.”

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