HooYu’s Investigate Platform Acquired in $5 Million Deal

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HooYu
announced on Monday that GB Group (GBG), an identification
verification specialist based in the U.K., has
agreed to acquire
its Investigate subsidiary in an all-share
deal valued at approximately $5.34 million (£4 million).

“The acquisition of HooYu Investigate by an outstanding
company like GBG is a testament to the technological achievement of
the HooYu development team,” HooYu CEO Keith Marsden said. “We
are now very excited to focus all our energy on taking the
award-winning HooYu Identity platform forward.”

HooYu launched HooYu Investigate in 2017. The platform automates
the fraud investigation process, leveraging data visualization to
enhance the ability of users in compliance, anti-fraud, and law
enforcement to identify and prevent cybercrime. GBG will add the
technology to its portfolio of anti-fraud solutions, and both
Investigate client contracts and the platform’s developers will
join GBG as part of the transaction. HooYu will continue to run its
digital customer onboarding and KYC solution, HooYu Identify, which
includes NatWest and Vanquis Bank among its customers.

GBG CEO Chris Clark
praised
HooYu Investigate as an “exceptional product” that
will complement GBG’s current business. He also looked forward to
a future in which both the GBG and HooYu development teams are
working together to build new solutions. “By joining forces with
HooYu Investigate, GBG will create a scalable platform for growth,
providing customers with a critical service to fight ever more
sophisticated financial crime and reduce organizational risk in the
U.K.” Clark said.

Founded in 2015 – and making its Finovate debut two years
later at FinovateEurope – HooYu offers businesses configurable
tools to make the customer boarding process easy for customers
while ensuring maximum KYC compliance. With just a selfie taken by
a smartphone or webcam, HooYu applies both traditional verification
methods such as database checks with ID document validation,
digital footprint analysis, and facial biometrics to provide an
identity confidence score that reveals how many of the customer’s
identity attributes (name, address, birthdate, etc.) can be
confirmed. This gives businesses the insight they need not just for
customer onboarding and KYC, but for age verification, customer due
diligence remediation, and fraud prevention, as well.

Photo byMaurício
Mascaro
 from Pexels

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HooYu’s Investigate Platform Acquired in $5 Million Deal

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