Mitek has announced it has purchased UK-based KYC tech company HooYu in a £98 million deal.

The digital identity verification and fraud prevention company said that the buyout would help businesses understand the true identity of their customers by linking biometric verification with real-time bureau and sanction database checks.

“Our current geopolitical, commercial and technological environment represents a perfect storm for bad actors,” said Max Carnecchia, chief executive, Mitek Systems. “Mitek is leading the fight against fraud by providing the technology that businesses need to stamp out digital money launderers and sanctioned individuals.

“The only way to combat this scourge is to use artificial intelligence (AI) and stop bad transactions before they happen.”

HooYu chief executive Keith Marsden said: “Having a single platform that easily orchestrates and configures a KYC journey to manage identities and identify bad actors is becoming a prerequisite for any business transacting digitally. Bringing together Mitek’s lead in identity, liveness and biometrics, with our orchestration, configuration and journey services simplifies identity management for financial institutions.”

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