Financial Tech Platform Modak, Digital Identity Firm Yoti to Create Safe Fintech Platform for Teens

Modak, a fintech company for teens and families in the US, has partnered with digital identity company Yoti to “enhance safety features for teens on its platform.”

Since launching in December 2022, 25,000 teens “have signed up for Modak using Yoti’s facial age estimation technology.”

As a platform designed to enable teenagers to reach their fullest potential, Modak with its partners offers “a suite of financial services and learning opportunities.”

Modak places special emphasis “on ensuring the trust and safety of its platform: Modak does detailed Know Your Customer (KYC) processes for its financial services through government IDs.”

On top of it, Modak now “leverages Yoti’s AI facial age estimation technology to enhance platform security.”

Yoti’s facial age estimation is “an inclusive and privacy-preserving solution that estimates someone’s age from a selfie.” It was built “to give everyone a secure way to verify their age.”

All images are “instantly deleted once someone receives their estimated age.”

Companies around the world are “choosing Yoti’s facial age estimation to verify the age of users and create age-appropriate experiences, including Instagram, Facebook Dating, and Yubo.”

Robin Tombs, CEO at Yoti said:

“Facial age estimation gives platforms like Modak an effective, reliable and private way to verify that only teens sign up for their platform. Facial age estimation is a scalable solution, so as Modak continues to grow, our technology can help them to verify the age of millions of individuals without compromising on user safety and privacy.”

Madhu Yalamarthi, CEO at Modak said:

“Adapting Yoti’s tech has been a great enabler of our growth. In conjunction with our standard banking-related KYC/AML processes, Yoti’s tech enhances user experience by streamlining the verification process, reducing manual errors, and minimizing the risk of fraudulent activity. Modak families appreciate this added layer of security and convenience, resulting in increased customer trust and loyalty.”

As noted in the update, Modak is “a US-based fintech company that offers a Visa secured credit card and a checking account for teens through its relationship with Solid Financial Technologies, and its partner banks, Members FDIC.”

Through Modak, Teens can start “building credit scores, gain financial literacy, and earn cashback at 100,000+ merchant locations across the US.”

Modak is “supported by GGV Capital, Nazca, and 35+ leading investors and entrepreneurs.”

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