AU10TIX, an identity verification and biometric onboarding company, received a $60-million investment from TPG Capital, valuing the company at $260 million.
The use of proceeds was to reduce the company’s debt. AU10TIX provides cloud-based customer onboarding and know-your-customer (KYC) automation services that use machine learning and image processing. Its services include identity authentication, verification, screening, and advanced biometrics. The company serves a wide array of industries including payments, banking, gaming, travel, and transportation.
TPG’s $60-million investment in AU10TIX reinforces the growing global demand for identity verification services that use biometrics.
In developing countries where secure government-issued identification may not exist, there is a large market opportunity for biometric identity authentication and verification.
In the developed world, biometrics are used as a key tool for more efficient client onboarding as well as KYC and anti-money-laundering (AML) surveillance. The global banking industry continues to struggle with ongoing KYC and AML requirements. AU10TIX’s cloud-based automation services that use machine learning and image processing address a large and growing market opportunity in banking.
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