Tech5 invests in uqudo, forms strategic partnership to address MEA digital identity market
Tech5 has made an investment in uqudo and established a strategic partnership as the companies collaborate to launch new products tailored to the Middle East and Africa region.
For uqudo, the investment is part of an early investment round. The amount and terms of the investment were not disclosed.
The companies are already partners, with uqudo integrating Tech5’s biometric facial authentication and liveness detection SDKs. Armed with these technologies, uqudo provides a full-stack digital identity platform for customer onboarding and ID verification. The company says it helps customers meet KYC, AML, and Customer Due Diligence (CDD) regulations.
Uqudo is expanding its capabilities and coverage across Africa and the Middle East, and availing itself of Tech5’s experience in biometrics and identity management in the region allows for efficient, automated cross-validation of identities. The companies believe the combination of uqudo’s document scanning, verification and customer screening with Tech5’s biometrics enables a market-leading proposition, according to the announcement.
“From a strategic point of view for Tech5, uqudo is a great partner for the integration of both companies’ offerings to create unparalleled digital KYC and National Identity programs in the Middle East, Africa, and other regions,” says Tech5 Strategic Advisor Rob Haslam.
Haslam also praised “uqudo’s expertise as a full-service provider in the space of digital onboarding and authentication.”
Uqudo Founder and CEO Mohamed Fagiri says the partnership will bring innovative biometric onboarding, verification, and digital identity tools to market.
Tech5 and uqudo intend to target the EMEA region broadly in 2023, focussing on the fintech, blockchain, banking, insurance, and travel and tourism industries, as well as the public sector.
Tech5 raised $10 million in April to boost its global expansion plans.
The company also launched a version of its AirSnap face biometrics for web browsers earlier in December.