Jumio buys Beam Solutions' AML Platform to offer identity verification and compliance solutions

Beam Solution is a San Francisco-based startup focused on transaction monitoring and KYC. Launched in 2016, Beam’s regtech solutions target fintechs, banks, broker-dealers, credit unions, lenders, cryptocurrency providers, marketplaces, and other regulated organisations who need to comply with anti-money laundering (AML), know-your-customer (KYC), and suspicious activity reporting (SAR) regulatory requirements.

Jumio will integrate Beam's suite of AML solutions into its current KYX Platform. The KYX Platform offers a range of identity proofing services to establish, maintain, and reassert trust from account opening to ongoing transaction monitoring. It combines data from a variety of sources to build a complete digital profile and risk assessment of each customer.

Financial terms of the agreement were not disclosed.