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Cognito bought, Boku Identity sold, Jumio closes 4Stop deal

This week’s digital identity-related investment total: $900M and counting
Categories Biometrics News  |  Trade Notes
Cognito bought, Boku Identity sold, Jumio closes 4Stop deal

Cognito has been acquired by open banking app Plaid to integrate its no-code digital identity verification platform, which includes biometrics for KYC and AML checks, according to a blog post.

The deal, which TechCrunch pegs at “around $250 million” in cash and stock, gives Plaid one of three critical parts of a complete onboarding experience, the blog post states. Plaid already has the account connection and fund transfer parts in its portfolio.

The next step, Plaid CEO Zach Perret writes, is to help developers build seamless onboarding experiences with these tools.

Perret praises the speed, ease of use, and fraud reduction capabilities of Cognito, which signed up corporate compliance platform Meow as a client just weeks ago.

Selfie biometrics and liveness authentication service Cognito Flow was launched by the company in July, 2021.

TechCrunch notes that Plaid previously struck a deal to be acquired by Visa, and has set about expanding since. Cognito staff will join Plaid.

Boku is selling its digital identity subsidiary to customer engagement automator Twilio for $32.3 million in cash, Dow Jones Newswires reports.

Twilio touts Boku Mobile Identity’s identity and authentication capabilities based on its global network of mobile network operator identity checks in a blog post on the acquisition. Divesting Boku Identity allows Boku to focus on digital payments.

Boku Identity GM of Identity Stuart Neal delved into the widespread ongoing reliance on one-time passwords in a Biometric Update guest post this week.

Jumio has officially completed its acquisition of 4Stop, first announced in December.

The acquisition was framed at the time as part of Jumio’s larger move from biometric identity verification to a holistic ‘KYX’ platform.

“Jumio is once again disrupting the entire identity industry and redefining what modern organizations need in order to provide complete customer lifecycle management,” comments Robert Prigge, Jumio CEO. “We are thrilled to complete this acquisition and welcome 4Stop to the Jumio family.”

1Password closes $620M investment

1Password has followed up a $100 million funding round announced in in July, 2021 with a $620 million Series C funding round to develop and scale its ‘human-centric’ security solutions.

The company claims the investment is the largest of its kind in Canadian history, and participants include former CEOs of Disney and General Motors, and the former executive chairman of LinkedIn, along with Hollywood celebrities. The funding round is based on a company valuation of $6.8 billion.

The company added biometrics for browser logins last year, having supported the native biometrics of mobile devices for years.

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