The company’s identity verification is said to verify identities in under 30 seconds with facial authentication from selfie biometrics and secured against synthetic identity fraud, presentation attacks, and account takeovers. It also incorporates a risk engine that analyses email, phone, IP address, and device ID to prevent fraud.
Additionally, Plaid takes a step into KYC and AML checks with Monitor, which compares applying customers against government AML and politically exposed persons (PEP) lists. The integration of biometrics to build a digital ID onboarding solution was made possible with the company’s acquisition of Cognito in January’2022. The buy-out was completed for USD 250 million in cash and stock.
Plaid has currently raised USD 734.3 million according to Crunchbase, with its most recent given figure being a USD 425 million Series D fund in April 2021 led by Altimeter Capital. It joins a biometric identity verification market that Goode Intelligence estimates will be a USD 17.2 billion market by 2026.
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