Modak & Yoti join forces to create a secure FinTech platform for teenagers

By Delisha Fernandes

Modak, a FinTech company for teens and families in the US, has partnered with digital identity company Yoti to improve safety features for teens on its platform.

As a platform designed to enable teenagers to reach their full potential, Modak, with its partners, offers a range of financial services and learning opportunities.

The company specializes in ensuring the trust and security of its platform; Modak performs detailed Know Your Customer (KYC) processes for its financial services through public IDs. On top of that, Modak now uses Yoti’s AI facial age estimation technology to improve platform security.

Yoti’s face age estimation is an inclusive and privacy-preserving solution that estimates someone’s age from a selfie. It was built to give everyone a secure way to verify their age. All photos are deleted immediately when someone receives their estimated age. Companies around the world choose Yoti’s facial age estimation to verify the age of users and create age-appropriate experiences, including Instagram, Facebook Dating and Yubo.

Robin Tombs, CEO of Yoti, said: “Face Age Estimation gives platforms like Modak an efficient, reliable and private way to verify that only teenagers are signing up for their platform. Face Age Estimation is a scalable solution, so as Modak continues to grow, our technology can help them verify the age of millions of individuals without to go at the expense of user security and privacy.”

Madhu Yalamarthi, CEO of Modak, said, “Adapting Yoti’s technology has been a major enabler for our growth. In conjunction with our standard bank-related KYC/AML processes, Yoti’s technology improves the user experience by streamlining the verification process, reducing manual errors and minimizing the risk of fraudulent activity. Modak families appreciate this added security and convenience, which increases customer trust and loyalty.”