We have signed a Strategic Partnership with Germany’s leading credit bureau, SCHUFA, where we will provide an aggregated set of world-leading ID verification services for individuals and businesses. The new agreement has an initial order value for ZignSec of at least SEK 23 million over five years.
What is SCHUFA?
SCHUFA (Schufa Holding AG) is Germany's leading credit bureau and provides reliable information for businesses and private customers, rating 67.9 million individuals and 6 million companies. Their information is an important basis for creating trust for more than 10,000 corporate customers, including banks, savings banks, trading firms, telecommunications companies, and many more.
ZignSec has had an active partnership with SCHUFA over the past year which has now resulted in a new agreement for the launch of SCHUFA myConnect. This new product aggregates ID verification solutions from the ZignSec platform as well as provides access to our brand-new no-code workflow manager offering identification and compliance management regardless of technical know-how.
SCHUFA will initially launch myConnect in Germany but plans to expand beyond Germany's borders in due time.
Long-term agreement with great potential
The inital order value for ZignSec is atleast 23 million over the agreement's period.There’s also potential for significant additional order values, as ZignSec will receive variable revenue generated from all customers who subscribe to the myConnect service. The agreement also includes a commercial arrangement whereby SCHUFA and ZignSec will work to sell each other's services in the European market.In addition, the agreement also includes a transaction-based component, which could bring additional ongoing revenue.Collaboration between ZignSec's various subsidiaries has been instrumental in securing the partnership, further demonstrating the strength of being a larger company with multiple competencies that can be leveraged across the group.
"Our latest partnership agreement with SCHUFA is fantastic news. It not only means significant revenue for ZignSec but is also a further stamp of quality for the platform we have built over the last few years. I look forward to the products this partnership can create"- Timm Schneider, CEO of ZignSec
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