Jumio, a Palo Alto, CA-based provider of AI-powered end-to-end identity verification and eKYC solutions, acquired the AML platform from Beam Solutions, a San Francisco-based startup focused on transaction monitoring and KYC.
The amount of the deal was not disclosed.
Jumio will integrate Beam’s suite of AML solutions into its current KYX Platform to further strengthen the company’s position in the anti-financial crime marketplace.
Launched in 2016, Beam provides secure solutions for fintechs, banks, broker-dealers, credit unions, lenders, cryptocurrency providers, marketplaces and other regulated organizations who need to comply with anti-money laundering (AML), know-your-customer (KYC) and suspicious activity reporting (SAR) regulatory requirements.
Led by Robert Prigge, CEO, Jumio protects the ecosystems of businesses through a unified, end-to-end identity verification and eKYC platform. The Jumio KYX Platform offers a range of identity proofing and AML services to establish, maintain and reassert trust from account opening to ongoing transaction monitoring.
Leveraging advanced technology including AI, biometrics, machine learning, liveness detection and automation, Jumio allows organizations to fight fraud and financial crime, onboard good customers and meet regulatory compliance including KYC, AML and GDPR.
The company has verified more than 250 million identities issued by over 200 countries and territories from real-time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, digital currency, retail, travel and online gaming sectors.
The company operates globally with offices in North America, Latin America, Europe and Asia Pacific.