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Mitek, a global leader in digital identity (ID) verification and fraud prevention, has announced the acquisition of UK’s leading KYC (know your customer) technology pioneers, HooYu.

Mitek will pay £98m in cash as part of the deal. The acquisition ensures that Mitek now has ID document validation, geolocation and identity confidence scores across all channels.

“Our current geopolitical, commercial and technological environment represents a perfect storm for bad actors. Mitek is leading the fight against fraud by providing the technology that businesses need to stamp out digital money launderers and sanctioned individuals. The only way to combat this scourge is to use artificial intelligence (AI) and stop bad transactions before they happen,” Max Carnecchia, CEO of Mitek Systems, said.

“Having a single platform that easily orchestrates and configures a KYC journey to manage identities and identify bad actors is becoming a prerequisite for any business transacting digitally. Bringing together Mitek’s lead in identity, liveness and biometrics, with our orchestration, configuration and journey services simplifies identity management for financial institutions,” HooYu CEO Keith Marsden said.

“Mitek builds trust in the digital world, which we need now more than ever. This past year, Mitek continued to demonstrate our commitment to fighting fraud – both with the acquisition of ID R&D and now with HooYu. We deeply respect HooYu’s heritage as a UK-founded technology company, operating in the global financial services hub, and one of the most highly regulated markets. The combination of both companies’ technologies now gives our customers the most comprehensive identity platform on the market today,” Carnecchia added.