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Prove, a New York-based fintech using people’s mobile numbers to approve logins, transactions, and e-commerce payments, has acquired Medici Global, a global fintech research firm.
The deal will see Prove convert Medici’s audience through its sales channels, in order to expand into new markets.
The fintech cites both India and Brazil as countries which have experienced “explosive growth” in the sector.
It will also see Prove add country-specific regulatory and compliance advice to its Know Your Customer (KYC) offering. Since 2013, Medici has catalogued the changes across the fintech regulatory landscape globally.
Its network includes more than 250,000 “industry professionals”, more than 15,000 start-ups, and around 1,000 research clients.
Geoff Miller, Prove’s senior vice president and global general manager, says Medici “has been a trusted source for actionable research since the early days of fintech”.
The acquiring firm cites its new purchase’s knowledge of Europe’s payments landscape. Particularly, its understanding of the impact of the Second Payments Service Directive (PSD2), and Secure Customer Authentication (SCA).
“This acquisition allows us to offer expert advisory coverage to our largest customers with multi-country digital-native market footprints,” Miller adds.
Medici’s founder, Amit Goel, will now become Prove’s Indian vice president and global advisory counsel.
Goel claims there’s an “urgent need” for Prove’s technology which it describes as a phone number identity network “in Asia’s high growth markets”.
The fintech currently claims to serve 1,000 enterprises across 195 countries, including 500 financial institutions. It also claims nine of America’s top ten banks as customers.
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