Stripe, the global payment processor, acquired Ireland-based Touchtech Payments. Touchtech Payments provides solutions which help in online transaction authentication for financial services entities. It does offer transaction authentication ecosystem to increase transaction rate and reduce fraud. The company was founded in 2014, and is headquartered in Dublin, Ireland.
“Today we’re thrilled to announce we’ve been acquired by Stripe, which will help us accelerate our work and support more customers. Strong Customer Authentication, a new EU regulation coming into effect on September 14, 2019, will radically change the way European customers buy online. As a result, the internet payment landscape is going to change a great deal, and both banks and businesses operating online are going to have to adapt,”
The size of the deal was not disclosed for the company which has raised about $1.4 million mainly from government sources.
“Touchtech builds software that helps banks enable frictionless and secure payment experiences. We’re looking forward to supporting their work to improve the online payments ecosystem,” said Patrick Collision, Chief Executive at Stripe.
“Stripe and Touchtech are both using innovative new technology to grow the overall size of the internet economy. Both organizations work hard to take a long-term view of what’s best for both businesses and for customers. We’re confident that we’ve found a natural match. As part of Stripe, we will continue to grow our products, based out of Stripe’s R&D hub in Dublin. We are really looking forward to the things we can build by working with Stripe, and can’t wait to show you what we’re up to,” (source: Press release)
Touchtech Payments Ltd now operates as a subsidiary of Stripe. But the real deal is that Touchtech Payments has a Nigerian connection right there in Ireland: “Touchtech was founded in 2014 by Shekinah Adewumi, Niall Hogan and Joseph Kuye. Kuye has since left Touchtech leaving Adewumi and Hogan as the remaining members of the original founding team”.
Shekinah Adewumi and Joseph Kuye are the co-founders of fintech start-up TouchTech Payments. Their product is a new online authentication software product designed to reduce card fraud, increase the number of transactions completed online and make it easier for people to cyber shop.
“One of the largest contributors to online credit card fraud is the lack of proof that the cardholder is in possession of the card at the time of purchase. Our system solves this problem,” Adewumi says.
“A separate issue for retailers is that the current method of purchasing online is a 13-step process whereby consumers must manually input card details followed by a ‘Verified by Visa’ authentication. This final step alone results in a third of all purchases not being completed. Our system does away with this manual entry requirement.”