21 January 2022

Plaid acquires ID verification business Cognito 

Written By FinTech Alliance

Plaid acquires ID verification business Cognito 

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. 

Read more here. 

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