Singicat to Acquire Sphonic, UK-Based Anti-Fraud Company

Singicat to Acquire Sphonic, UK-Based Anti-Fraud Company
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Signicat will be acquiring Sphonic with a mission to widen its presence in Europe. Being a pioneer in digital identity and electronic signature solutions, acquisition of Sphonic will enable it to increase the number of its existing services catering to many more industries profoundly.

Asger Hattel, CEO, Signicat, commented, “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.” 

Signicat has manifolded its presence in the last few years, coherently and by acquiring companies. The team of the digital identity company looks driven to become the only name when it comes to anti-financial crime lifecycle and digital identity throughout Europe. This target comprises e-signing, authentication, risk management and fraud management, as well as identity authorization for customer enrolment. In the last 3 years, Singicat has made acquisitions of five organizations, chiefly Encap, Dokobit, and IDentification. The majority of them are into electronic signing and fraud management.

Sphonic is known to help organizations like financial institutions, gaming operators, and FinTechs. Signicat with this acquisition is going to use its services like, know your business (KYB), anti-money laundering (AML), and know your customer (KYC).

Andy Lee, Founder and General Manager, Sphonic, stated, “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 create a compelling joint global solution.”

Read: A Basic Introduction About Anti-Money Laundering (AML)

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