Fintech firm Stripe remains focused on expanding its services beyond just payments. The company has introduced a tool that’s designed to assist Internet businesses with securely verifying the identities of their clients from more than 30 different countries.
Stripe Identity has been developed to assist online companies with complying with age requirements and KYC guidelines, along with being able to reduce or eliminate fraud and prevent account takeovers.
Developed on the same infrastructure that’s used to run Stripe’s global onboarding compliance and risk management, the tool may be deployed and also used within minutes, with no code needed.
In order to prove their identity, users may take a photo of their government-issued ID and take a live selfie, which Stripe’s machine learning then begins matching with their ID. Companies or businesses may also request that users provide additional information.
The information is encrypted and sent directly to Stripe, which means that an individual or business does not have to be concerned about handling sensitive, personal details on their own servers.
Delia Pawelke, Head, Global Risk Strategy and Onboarding Policy at Stripe, stated:
“With Stripe Identity, we’re making our advanced compliance infrastructure available to all of our users. For an online business, verifying someone’s identity is now as easy as accepting a payment.”
Identity is the latest move that’s a part of Stripe’s diversification strategy. During the past few weeks, the Fintech company has introduced a tax compliance solution, a fraud detection tool, and has also made a new round of carbon removal purchases.
These moves seem to be working for the Fintech with investors who, according to the WSJ, recently took advantage of the opportunity to purchase stakes in the company from existing shareholders.
Investors such as Sequoia, Shopify, and Silver Lake had reportedly bid over $4 billion for stakes, but only about $1 billion actually filled, the WSJ revealed. This indicates that shareholders think Stripe’s stocks could continue to appreciate.
Stripe, which secured a massive $600 million at a $95 billion valuation in March of this year, may be looking to conduct an IPO in late 2021 or early next year.