Modak, a FinTech company serving the teens segment, has partnered with Yoti, a digital identity service provider, to improve the safety features of its platform and enable teens to sign up for an account using a selfie.

Modak captures Know Your Customer (KYC) information through government IDs and utilizes Yoti’s facial age estimation technology to estimate a customer’s age from a selfie, which is automatically deleted once they receive their estimated age. This allows the company to streamline the verification process, reduce manual errors, and minimize the risk of fraudulent activity. 

Launched in December 2022, Modak offers checking accounts inclusive of a credit card targeting teenagers. It provides its banking services in partnership with Solid Financial Technologies, Inc. and its banking partners, Members FDIC. At present, Modak has nearly 25,000 customers.