Mastercard announced on Monday it has acquired digital identity platform Ekata for $850 million. According to Mastercard, Ekata works with global merchants, financial institutions, travel companies, marketplaces, and digital currency platforms. It notably uses insights to deliver unique scores, data attributes and risk indicators that businesses then use to make more informed decisions.
“Ekata’s identity verification data, machine learning technology and global experience combined with Mastercard’s fraud prevention and digital identity programs will help businesses confidently know who their customers are and, in turn, help those customers safely interact online. Mastercard and Ekata’s integrated services will build on both companies’ commitments to ensure trust and the responsible use of data.”
While speaking about the acqusition, Ajay Bhalla, President of Cyber and Intelligence Solutions at Mastercard, stated that with the addition of Ekata, Mastercard will be able to advance its identity capabilities and create a “safer, seamless way for consumers to prove who they say they are in the new digital economy.” Rob Eleveld, CEO at Ekata, added:
“The right identity verification solutions enable inclusive and frictionless experiences while, at the same time, ensuring customer privacy, control and security. Becoming part of the Mastercard Identity family ensures a broader, collective approach to meeting the growing demands of the digital economy.”