Stripe, a San Francisco, CA-based payments infrastructure company, acquired Touchtech Payments, a Dublin, Ireland-based verification tech company.
The amount of the deal was not disclosed.
The acquisition will enable Stripe to accelerate Strong Customer Authentication (SCA)* readiness for financial institutions.
Touchtech Payments provides advanced SCA-ready authentication technology for some of Europe’s fintech companies and challenger banks, like N26, Transferwise, and others. By providing advanced authentication technology for credit card issuers, the company’s solutions help them offer better payments experiences for their customers, without having to choose between security and user experience.
As part of Stripe, Touchtech will continue to grow its products, working from our Dublin Engineering hub.
* On September 14, 2019, SCA will come into force in Europe, with more than 300 million European consumers who will need to confirm their identity for the majority of their online purchases, using two of the following: something they know (e.g., a password), possess (e.g., a phone), or are (e.g., their fingerprint).
Hundreds of thousands of European online merchants, from retailers, to ridesharing companies, to crowdfunding services, will have to upgrade their payments set-up to prepare for the upcoming regulation. If they don’t, their transactions will be declined outright.