FinTech news in Identitypass category

But in May, Union54 began experiencing some operational issues with its product, resulting in the temporary suspension of its Bank Identification Number (BIN), the first four to six numbers on a payment card that identifies a card issuer. They attributed the virtual dollar card service disruption to an update from a card partner — which happens to be Union54 — without citing a definite recommencement time. This April, when we covered Union54, whose API allows companies to issue debit cards to their customers and employees without needing a bank or a third-party processor, it had just raised a seed extension, bringing its total seed round to $15 million (Tiger Global led both rounds). Many have begun searching for alternative options, which include Sudo Africa, another card-issuing platform and other fintechs, which claim to be unaffected by Union54’s downtime (as a result of using another provider), such as Chipper Cash, Mono and Bitmama.

Powered by this seed funding led by MaC Venture Capital, Identitypass plans to expand its existing infrastructure, roll out new verticals around compliance, security and data collection, and push into new African countries. These end points are government-approved IDs, such as national IDs, driver licenses, international passports, bank verification numbers (BVN), phone numbers, vehicle plate numbers, debit cards, security watchlists and tax history.