Case Study: Umba reduces fraud by 90% with Smile ID

Umba reduces fraud by 90% using Smile Identity

Umba, a fast-growing African neobank, faced a significant challenge with fraudulent accounts as it scaled rapidly during the 2020 pandemic. The company needed a robust identity verification solution that would support its growth while meeting compliance regulations and preventing fraud. To address this, Umba partnered with Smile ID.

Smile ID implemented its Biometric KYC solution, which uses facial recognition to verify that users match the ID documents they provide. This solution allowed Umba to continue its expansion while staying KYC-compliant across different markets. The partnership resulted in a 90% reduction in fraudulent accounts and facilitated the completion of over 1.7 million identity verifications for the neobank.

Umba

Chirag Garg

Product Manager