BankID BankAxept Moves Forward with Criipto Acquisition Strategy
BankID BankAxept Enhances European Presence with Criipto Buyout
BankID BankAxept AS has made a significant move by acquiring the Danish eID broker Criipto ApS. This strategic acquisition not only strengthens its market position across Europe but also expands its range of innovative products in secure digital identity solutions.
Expanding International Operations
According to Øyvind Westby Brekke, CEO of BankID BankAxept, the integration of Criipto into their operations is a vital step in their ambition to grow within the international eID sector. The collaboration is aimed at providing reliable and user-friendly digital identity solutions and trust services to a wider audience, including banks, government entities, and other businesses.
Leading the Market in Digital Identity
Norway stands out as a leader in Europe concerning the adoption of electronic identity (eID), with BankID boasting a remarkable 90 percent penetration and over 4.5 million active users. This substantial user base positions the company to serve as a model for emerging eID solutions across the region.
Criipto's Role in the Expansion
Criipto functions as an official provider for a variety of eID solutions in multiple countries. Its services include partnerships with different national identity programs, such as BankID in Norway, MitID in Denmark, Swedish BankID in Sweden, as well as the FTN (Finnish Trust Network) in Finland. The company, headquartered in Copenhagen, is set to bring valuable expertise to its new parent company.
Commitment to Developer-Friendly Platforms
Brekke emphasizes Criipto's unique integration platform that is designed with developers in mind. This collaboration is expected to enhance their ability to deliver an array of digital identity options across Europe, facilitating secure transactions and compliance with upcoming EU regulations.
Navigating Future Regulations
With new regulations from the EU requiring digital identity solutions across member states, BankID BankAxept forecasts a growing opportunity in this expanding market. The executives acknowledge that the Nordic region holds great potential as a leader in digital identities, supported by their existing technological capabilities and experience in the field.
Aiming for Direct Solutions
The acquisition also signals a shift in how BankID services will be offered in Norway. Traditionally, these services were sold through a reseller network; however, the integration of Criipto allows for direct sales to businesses. Brekke assures that while they’ll be offering direct services, the existing network of partners will continue to be a crucial part of their strategy.
Understanding the Operational Structure
Brekke points out that many organizations prefer to procure BankID solutions directly. By making this a reality, BankID is on its way to evolving from being primarily an infrastructure provider to being recognized also as a service provider. Their goal is to make access to BankID simple, fast, and self-service oriented for all businesses in Norway.
Maintaining Partnerships
Despite the shift towards direct sales, Brekke commits to maintaining strong partnerships with existing resellers, emphasizing that they are vital collaborators. Criipto's operations will run as a subsidiary under BankID BankAxept, continuing to foster relationships that benefit both entities.
About BankID BankAxept
The Norwegian banking sector developed BankID to provide secure customer verification and identification. Currently, approximately 4.5 million individuals in Norway utilize BankID, marking it as a foundational tool in the region's digital landscape.
About Criipto
As an eID broker, Criipto specializes in enabling companies to implement and manage digital ID solutions efficiently. Founded a little over a decade ago, the company has scaled to employ 20 dedicated professionals, with its headquarters situated in Copenhagen. Today, it plays a significant role in markets including Denmark, Norway, Finland, Sweden, Belgium, and the Netherlands.
Frequently Asked Questions
What is the purpose of BankID BankAxept's acquisition of Criipto?
The acquisition aims to enhance BankID BankAxept’s offerings in the European eID sector and provide secure digital identity solutions directly to businesses.
How does Criipto contribute to BankID's services?
Criipto brings a unique developer-friendly integration platform and invaluable expertise in digital identity solutions, enhancing the overall service portfolio of BankID.
Why is Norway considered a leader in eID usage?
Norway has achieved a market penetration of over 90 percent in eID usage, with BankID facilitating secure identity verification for millions of users.
What future regulations are impacting the eID sector in Europe?
New EU regulations mandate that all member states implement digital identity solutions, presenting a growing opportunity for providers like BankID BankAxept and Criipto.
Will existing reseller partnerships continue after the acquisition?
Yes, BankID intends to maintain collaborations with reseller partners while also establishing a direct sales channel for its services.
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