Capital One buys digital identity startup Confyrm

Monday 14 May 2018 00:54 CET | News

Capital One has acquired Confyrm, a US-based digital identity and fraud alert startup, to speed its development and implementation of consumer identity services at scale.

Deal terms regarding the Capital One acquisition were not being shared, but Confyrm had previously raised USD 1.2 million, TechCrunch cited Crunchbase, which attributes the funding to a grant. (Another source states the grant was for USD 2.4 million, however).

The startup, founded in 2013, aims to reduce online fraud and to make the internet a safer place for everyone engaged in it, by restoring trust in digital identities via its services. Confyrm created a system to offer early notifications of suspicious account activity, in order to mitigate the impact of fraud or account theft for identity providers and consumers alike. The system also uses privacy-enhancing mechanisms to protect the identities of the individual consumers and the event publishers.

Over the past several years, Capital One has acquired other early stage startups such as mobile savings startup BankOns, local business directory Bundle, budgeting app Level Money, and more, to fuel its company with fresh talent and unique IP.

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Keywords: Capital One, acquisition, Confyrm, digital identity, online security, fraud prevention, US, digital identity, identity verification
Countries: World