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Socure, Sumsub, VeriFast sign up ID verification clients in regulated industries

Socure, Sumsub, VeriFast sign up ID verification clients in regulated industries

Digital identity verification platforms are making new deals across closely regulated industries such as sports betting and online lending.

Socure has a new client. The company will provide its identity technology to fantasy sports gambling platform PrizePicks.

Socure says that the partnership has helped PrizePicks experience double-digit growth in new member approvals. Its solution verifies new player identities in real-time with selfie biometrics, including know your customer (KYC) verification and identity fraud identification.

PrizePicks is available in 31 U.S. states, Washington DC, and most of Canada.

“Socure’s integrated capabilities for KYC, fraud and document verification are impressive and have helped us implement a powerful verification workflow in a single solution,” says PrizePicks Co-founder and CTO Jay Deuskar.

Socure has been making other deals this year, including with California-based digital lending company MeridianLink. This month, it started pitching biometric ID verification to prevent minors from accessing alcohol through delivery apps. At the end of June 2023, the company acquired Berbix which develops technology that identifies compromised and fake IDs.

Sumsub partners with AML Incubator

Sumsub has reached a partnership deal with AML Incubator, a Canadian anti-money laundering (AML) and regulatory compliance outsourcing company.

Sumsub will help AML Incubator streamline the onboarding of the regtech’s fintech clients, verifying users and legal entities. The onboarding integration includes face biometrics and document verification for know your business (KYB), KYC and AML checks, transaction monitoring and more. AML Incubator provides services to clients across the U.S., EU and Canada.

UK-based Sumsub has over 2,000 clients and has announced establishing its APAC headquarters in Singapore in July. It also signed up Prague-headquartered car sharing platform HoppyGo for identity verification of drivers.

VeriFast will help lenders identify clients

Verification and authentication provider VeriFast has struck a partnership with Inovatec Systems, a company that makes cloud-based software solutions for lenders.

Canadian Inovatec automates lending processes for customers across North America. With VeriFast’s selfie biometrics and aggregation of applicant data from disparate sources, its clients will be able to digitally verify the identity and income of applicants, while adhering to all data privacy, the company says in a release.

“VeriFast has earned an outstanding reputation for providing fast, compliant, and cost-effective verification services that enable financial institutions to accurately authenticate applicants,” notes Sam Heath, Inovatec’s chief revenue officer.

Toronto-based VeriFast serves clients throughout the U.S. and Canada. Last year, it secured $3.5 million in seed funding.

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