Norwegian digital identity and electronic signature solutions firm Signicat has acquired UK-headquartered anti-fraud company Sphonic for an undisclosed amount.

Under the agreement, existing management shareholders will reinvest a significant part of the consideration into Signicat.

Established in London in 2012, Sphonic is said to be a pioneer in automating compliance decision processes.

The firm enables financial services, fintechs, gaming operators and the payments ecosystem to manage their client onboardings and risk assessments through credit checks, affordability checks, and other compliance checks.

Sphonic’s know your customer (KYC), know your business (KYB) and anti-money laundering (AML) solutions will bolster Signicat’s existing identity platform.

The deal is line with Signicat’s strategic goal to become a single provider for the complete digital identity and anti-financial crime lifecycle across Europe.

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Signicat CEO Asger Hattel said: “With Sphonic’s leading team of professionals and their data orchestration and decisioning platform, we will be able to offer a more extensive range of onboarding services with highly flexible risk and compliance solutions – all of which can keep international customers safe from fraud.”

Sphonic will operate as ‘Sphonic, a Signicat company’ until it is fully integrated into Signicat.

Sphonic’s management team join Signicat’s senior management team with Sphonic founder and general manager Andy Lee assuming the role of Signicat’s UK country manager.

Commenting on the deal, Lee said: “We are excited to become part of the Signicat family.

“For the past 10 years we have built industry-leading solutions that solve some of the most complex onboarding and compliance challenges in heavily regulated industries for global digital payments, crypto, gaming and lending brands requiring rapid onboarding for their high-volume client base.

“With Signicat there was a great complementary fit. Now we are ready to accelerate our ambitions in new markets and verticals and creating a compelling joint global solution.”