Ant Financial, the fintech company running's Alibaba Alipay affiliate, has just purchased an American cybersecurity firm for US$70 million, according to local media.
Ant Financial Services Group announced the acquisition of U.S.-based EyeVerify, Inc., the creator of Eyeprint IDTM, a patented, secure mobile eye verification technology. The acquisition furthers Ant Financial's mission to increase user trust and safety in financial transactions worldwide and allows EyeVerify to draw on greater resources to advance its technology.
Earlier this year, Ant Financial and EyeVerify entered into a licensing agreement in which Eyeprint ID was integrated into Ant Financial's payment authentication platform.
Eyeprint ID eliminates the need for traditional authentication methods like passwords by transforming an ordinary selfie into a key that protects consumers' digital lives, including their mobile transactions.
With the transaction closed, EyeVerify will operate as a wholly-owned subsidiary of Ant Financial and continue to be based in Kansas City. EyeVerify will also continue to grow its global customer base, and aims to provide financial institutions worldwide with the identity and authentication technology they need to expand their services and meet the needs of increasingly mobile customers.