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In this article, SiliconANGLE reports Incode Technologies Inc. has acquired MetaMap Inc., a move aimed at enhancing their identity verification services. This acquisition merges Incode’s expertise in enterprise solutions with MetaMap’s mid-market innovations, broadening their customer base across North America, Latin America, and Africa.
Together, they aim to improve digital interactions through advanced identity verification technologies, addressing challenges like AI-driven fraud and enhancing security and trust in digital spaces.
Read the transcript of this article, published by Silicon Angle on June 11, 2024.
Incode acquires MetaMap to enhance identity verification services
by Duncan Riley
Identity verification and authentication startup Incode Technologies Inc. today announced that it has acquired identify verification startup MetaMap Inc. for an undisclosed price.
Founded in 2017, MetaMap offers a customer identity platform designed around the concept of continuous improvement. The platform allows businesses to predict whom they should serve and to what extent. It also hosts a comprehensive catalog of data, spanning a wide range of user data types, which enables businesses to make better risk decisions.
Pitched as offering one platform with “countless resources,” MetaMap provides the key tools needed to verify customers. The tools include Know Your Customer compliance, with support for KYC and Anti-Money Laundering regulations; financial risk management, with the ability to validate a customer’s payment eligibility; customer onboarding, with a focus on faster onboarding; and authentication to provide secure access to service.
For Incode, the acquisition will lead to the creation of an enlarged company that can tackle the evolving challenges in identity now and in the years ahead.
“Joining these two companies together creates an opportunity to better serve our growing customer base with a more comprehensive suite of identity tools,” said MetaMap founder Filip Victor. “Fighting the problem of financial exclusion is one of the great challenges of our time.”
—Filip Victor, MetaMap founder
Post-acquisition, the combined company aims to deliver a smarter, larger trust network with a network that has seen hundreds of millions of identities in the past year. The combined capabilities will allow Incode to deliver enhanced identity verification services and make digital interactions safer, more informed and more reliable.
The combined companies will deliver enhanced scale and efficiency, with Incode’s strength in enterprise combined with MetaMap’s expertise in the mid-market. The combination will also expand the company’s market share to thousands of customers across North America, Latin America and Africa.
The combination of Incode’s and MetaMap’s capabilities will also allow for enhanced identity verification in an era of generative artificial intelligence-fueled fraud. Incode’s personhood and injection protection technology can confirm liveness in real time to detect deepfake spoofs, complementing MetaMap’s optimization approach to help businesses continuously improve their performance with more data.
“Integrating MetaMap’s innovative approach to mapping, scalable growth engine and talent will strengthen our position as the leader in the global market,” said Ricardo Amper, founder and chief executive of Incode. “MetaMap perfectly complements our vision of providing reliable and effective identity verification solutions to a wide range of clients.”
—Ricardo Amper, Incode founder and CEO
Coming into its acquisition, MetaMap had raised $84.1 million over three rounds, according to Tracxn. Investors in the company include Tribe Capital Management LLC, Spero Ventures LLC, Craft Ventures LLC, Aglae Ventures SAS, SGH Capital SA and Titan Capital Services Pte. Ltd.
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