German FinTech company Zuper GmbH has completed acquisition of the longstanding German identity service Verify-U AG.
The new owners have also updated the company’s registration to Verify-U GmbH.
Founded in 2004 and based in Mainz-Kastel, Verify-U has been a leader in identity verification for 15 years. With proven experience, 3 million customers and a suite of identity solutions, Verify-U provides certified German video ID for financial services as well as identity and secure age verification for firms in the gaming and betting categories.
Says Zuper CEO Alexey Rubtsov, “It’s exciting. Everyone here agrees that we’re embarking on a great new era for Verify-U. These days, identity verification is critical for every trust-based business, from financial services to the sharing economy, eCommerce companies, online gaming and even social media. ”
“Both teams are really excited to have an opportunity to recharge and relaunch the Verify-U brand,” said Zuper CEO Alexey Rubtsov, “This acquisition also reinforces Zuper’s strength as Germany’s first financial coach.”
Rubtsov says the Zuper team will support the Verify-U organisation while preserving its headquarters in Mainz-Kastel. Storage and maintenance of all Verify-U systems will also continue in Germany in compliance with the Federal Data Protection Act and EU Data Protection Directive.
As part of the acquisition, the company has named serial investor and entrepreneur Denis Kolesnikov as interim CEO for Verify-U GmbH.
"All the investment that we make today to improve Verify-U’s technology, user experience and systems will pay off in what we’re able to offer to current and future clients,” says Kolesnikov. “So many industries need a reliable path to achieving compliance while reducing the costs associated with identification and fraud.”
An early leader in the German identity verification field, Verify-U was established to help companies comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules.
The current Verify-U product mix includes a module-based online identification suite, including verification services and fraud prevention, youth protection and online age verification, a Video On Demand (VOD) portal as well as the first online eSign service in Germany. These services are available EU-wide as white-label business solutions.
Contributed | what does this mean?