Identity verification platform Cognito is joining Plaid

Plaid has acquired Cognito, an identity verification and compliance platform that streamlines the process of verifying identities for users signing up for financial services online. The acquisition aims to improve user experiences during onboarding processes by combining all necessary tools and data sources into a single platform. This will enable more customers to be successfully onboarded while reducing fraud risks. Cognito's expertise in identity verification, combined with Plaid's experience in connecting users to financial apps, will help make digital finance easier, safer, and more accessible for everyone.