Modak, a fintech company for teens and families, has partnered with digital identity company Yoti to enhance safety features for teens on its platform. They are leveraging Yoti’s facial age estimation technology to enhance platform security and ensure that only teens sign up for their services.
Facts
- Modak, a fintech company for teens and families in the US, has partnered with digital identity company Yoti to enhance safety features for teens on its platform.
- Since launching in December 2022, 25,000 teens have signed up for Modak using Yoti’s facial age estimation technology.
- Modak, along with its partners, offers a suite of financial services and learning opportunities to enable teenagers to reach their fullest potential.
- Modak emphasizes trust and safety on its platform and conducts detailed Know Your Customer (KYC) processes for its financial services through government IDs.
- Modak now leverages Yoti’s AI facial age estimation technology to enhance platform security and ensure that only teens sign up for their services.
- Yoti’s facial age estimation technology is used by companies worldwide, including Instagram, Facebook Dating, and Yubo, to create age-appropriate experiences and verify the age of users.
- Robin Tombs, CEO at Yoti, stated that facial age estimation provides a secure, reliable, and private way for platforms like Modak to verify the age of their users, even as the platform continues to grow.
- Madhu Yalamarthi, CEO at Modak, mentioned that Yoti’s technology has enabled their growth by streamlining the verification process, reducing errors, and enhancing security. This has resulted in increased customer trust and loyalty from Modak families.
