Pavel Prucek, Head of Product at Twisto has stated in the company press release that the BNPL payments market is highly regulated. Businesses need to ensure that they comply with KYC and anti-money laundering (AML) regulations which require companies like Veriff to check the identity of their customers. The Twisto official further explained that the biggest challenge they faced was balancing the tradeoff between the customer friction and the reliability of data gathered in the IDV process. Veriff enables a quick IDV flow that also provides the customer data and information Twisto needs to ensure compliance.
Veriff has been on a partnerships journey in H1 2022, counting Trustpilot and identity decisioning platform Alloy.
In January 2022, Veriff raised USD 100 million in Series C financing to accelerate Veriff’s global growth and invest in R&D, particularly to advance product expansion. The company is also in the process of using the funds to grow its sales and marketing teams to onboard more global clients and build on recent customer programmes.
A MarketsandMarkets study forecasts that the digital identity verification technology will register a 16.6% compound annual growth rate leading to a value of USD 18.6 billion by 2026. Biometrics are expected to gain ground within that market on non-biometric solutions.
The same study sees Asia-Pacific as having the highest growth rate during the upcoming five years, and large enterprises are expected to continue leading the adoption wave.
To learn more about Veriff, please check out the company profile in The Paypers Company Database.
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