Norway’s Signicat buys UK anti-fraud firm Sphonic
Digital ID company Signicat has acquired UK-based anti-fraud and identity verification platform Sphonic.
The Norwegian firm is acquiring all shares in Sphonic for an undisclosed sum, with existing management shareholders reinvesting a substantial part of the consideration into Signicat.
Signicat says the acquisition will enable the company to better protect financial institutions against fraud, financial crime and money laundering, expanding its existing identity platform with Sphonic’s know your customer (KYC), know your business (KYB) and anti-money laundering (AML) solutions.
Signicat CEO Asger Hattel says: “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.”
Founded in 2012 in London, Sphonic automates and manages client onboarding, credit and compliance checks and risk assessment for a wide variety of fintechs, banks and other institutions.
Its flagship product, Workflow Manager, leverages approximately 100 data and technology providers via a single API to improve data quality and end-user insights, reducing customer onboarding times from days to seconds.
Sphonic recently expanded its offering with a scalable real-time fraud and AML transaction monitoring solution in addition to a case management system that also offers tools for visualising identity, fraud and AML data.