The San Francisco-based fintech first launched Plaid Identity Verification in the U.S. and U.K. last year. In June 2022, the company opened its first Canadian office in Toronto as part of a broader expansion plan in the country. (The Logic)

Talking point: Global demand for identity verification services is growing fast. Its market size was valued at US$8.43 billion in 2021 and is projected to hit US$32.94 billion by 2030, according to market research company Straits Research. In recent years, companies have felt increasingly burdened by the development of more onerous “know your customer” regulations and more sophisticated fraud attacks, Alain Meier, head of identity at Plaid, told The Logic. Plaid’s new product is pitched to fintechs as a one-integration solution capable of handling the end-to-end experience of customer onboarding and identity verification. Vancouver-based identity verification startup Trulioo, which reached unicorn status in 2021 after closing a US$394-million Series D, recently launched its own single platform for its person and verification services.