Fintech went global because IDV made it possible

The scale of borderless finance

Global payments near $1 quadrillion

As of 2024, cross-border payment value approaches $1 quadrillion, flowing through banks, fintechs, and digital wallets.

29,995 Fintech startups in 2025

The fintech ecosystem is expanding faster than ever, with nearly 30,000 new companies competing to redefine finance.

9 in 10 use digital pay, 2024

As of 2024, nine in ten consumers in the US and Europe use digital payments; globally, 79% of adults hold an online bank account.

Global expansion requires the ability to verify diverse identities.

E-commerce transformed how the world buys. Fintech transformed how the world pays.

And beneath them both lies Identity Verification (IDV), the trust infrastructure that made borderless finance and global digital trade possible. As scale accelerated, expansion revealed the risks involving identity verification and compliance that Financial Technology alone couldn’t solve. IDV solutions stepped in to mitigate these risks and globalize finance.

Documents vary by jurisdiction

ID types, formats, and data sources vary by market, many in non-Latin scripts.

Transliteration and layout differences create constant integration friction just to verify identities worldwide.

There are more than 240 jurisdictions and almost as many or even more different languages to identify.

Regulations vary with region

Regulations like GDPR, CCPA, and local data laws create overlapping, sometimes opposing, requirements.

Sharing or storing identity data safely across jurisdictions has become a compliance tightrope.

$6 billion in AML/KYC fines were imposed on Financial institutions so far in 2025

Fraud is evolving faster than ever

Fraud now spans synthetic identities and deepfakes, resulting in Account Takeover Fraud and AI-driven scams, which are harder to detect.

As fintechs expand, each market brings distinct data risks and threat models.

$16.6 billion was lost to online scams in 2024, according to the FBI

IDV: Foundation for global expansion

A fintech in Malaysia planning global reach must verify identities across all jurisdictions, each with unique identity document formats, KYC, AML rules, and data residency requirements.

Similarly, a fintech in Europe expanding into Asia must verify non-Latin documents, multilingual data capture, and country-specific onboarding standards that demand precise transliteration and validation.

The right IDV partner removes this friction. It standardizes identity flows across markets, applies jurisdiction-specific risk logic, enforces local compliance, and integrates multilingual document intelligence. The result is faster user onboarding, lower fraud, and confident expansion at a global scale.

From coverage to conversion

Choosing an IDV vendor that enables expansion is only the first step. The real test is whether verification converts more legitimate customers while staying compliant. Your verification layer should raise approval accuracy, adapt to evolving fraud, and keep journeys fast and low friction so acquisition, activation, and revenue scale together. Hers’s what to demand from your Identity Verification vendor

High pass rate with precision

Optimize approval of genuine users while holding fraud low. Even a five percent uplift in legitimate pass rate can compound conversion and lifetime value across markets.

Deepfake and typology resilience

Detect sophisticated spoofs with biometric liveness and model updates that track emerging fraud patterns, not just yesterday’s attacks.

Speed and low friction

Deliver decisions in seconds with minimal retries and step-ups. Lower latency and fewer interruptions reduce abandonment and lift completed onboardings.

Shufti is empowering the future of trust in digital-first businesses

Fintechs' expansion depends on meeting each jurisdiction’s identity verification requirements. Ideal IDV Solution, through custom-built verification engines, enables expansion and, with custom verification flows, increases the conversion with frictionless journeys.

Shufti delivers identity verification in the regulatory requirements of each market. It validates ICAO-compliant documents and even non-standard documents, enables eIDV through integrations with national digital identity systems, and reads NFC-enabled IDs where supported. Assurance elevates with certified biometric matching and liveness detection while maintaining low-friction user journeys. With policy controls aligned to local KYC and AML, Shufti produces audit-ready evidence and enables compliant launches and confidently scale across borders.

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Fintechs went global because IDV made it possible.