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June 2, 2021

Signicat acquires Encap Security

By Douglas Blakey

Digital identity outfit Signicat acquires Strong Customer Authentication (SCA) specialist Encap Security from AllClear ID.

Signicat says the aim is to create a company with unparalleled breadth in identity and authentication. Moreover, it says that it establishes Signicat as a mobile identity and authentication powerhouse.

Encap Security offers high-security app-based mobile authentication. Founded in 2006, it spun out from a project by Norwegian banks to create a ground-breaking software-based mobile ID solution.

Encap’s SCA platform is used across Europe by clients in regulated markets, especially financial services. Specifically, it used for customer mobile authentication and security for all digital use cases and across all channels. Today Encap serves millions of end users, facilitating hundreds of millions of transactions annually. Many of the largest service providers in the financial industry in the Nordics and EU are among its customers.

Signicat acquires Encap: partners for over 10 years

Signicat and Encap have worked together as trusted partners for over 10 years. The acquisition combines Signicat’s expertise in digital identity, onboarding and signing, and Encap’s experience in making authentication convenient and user-friendly without compromising on security or compliance. Signicat now offers all the technology regulated businesses require on a global basis to successfully verify, onboard, and authenticate across the entire customer lifecycle, including digital signatures and payment authorisation via mobile—all compliant to the demands of PSD2 SCA.

Signicat and Encap: optimising user experience without compromising security

“Encap Security was ahead of its time when it was founded. It provides mobile-first authentication even before smartphones were mainstream. It has retained this advantage ever since. Together, our passwordless solution provides consumers and businesses with exceptional ease-of-use while protecting them from risk and fraud,” states Asger Hattel, CEO of Signicat.

“Signicat and Encap Security share much more than our Norwegian roots,” adds Johan Sörmling, CEO, Encap Security. “We look to provide our customers with the very best user experience without compromising on security. Firms across Europe are looking to mitigate the impact of SCA regulation on the customer experience. We believe we have the right proposition at the right time.”

Nordic Capital snapped up Signicat in a deal in April 2019.

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