21 January 2022
Written By FinTech Alliance in Fraud Detection
Open banking payments business Plaid has acquired an identity verification and compliance platform.
In Brief:
Cognito offers ID verification to a number of FinTechs, around KYC and AML compliance.
It supports many of Plaid’s customers, including Affirm and Brex.
The deal is reportedly worth $250mn.
What does this mean?
Plaid will now use Cognito within its onboarding process, from verification to account funding.
The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms
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