Identitypass Raises $2.8 Million for African Biometric Identity Verification

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IdentityPass
Identitypass Raises $2.8 Million for African Biometric Identity Verification

Identitypass, based in Lagos, has raised $2.8 million in seed funding, which it says will help it meet its goal of expanding its biometric identity verification service across Africa.

Marc Ventures Capital led the round, with participation from Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital LP, among others. The Nigerian startup has raised more than $3.1 million in total, including $360,000 raised in November 2021.

Identitypass, which performs fingerprint and face biometrics matches, ID checks, and identity graphing, claims that it will help meet the growing demand for know your customer (KYC) across Africa as internet access and mobile penetration increase, resulting in more online businesses as well as security vulnerabilities. The company intends to meet this anticipated demand as soon as possible.

Identitypass claims that by using biometrics to combat identity theft, it will foster business growth in Africa by allowing businesses to develop a more positive reputation.

Already, the company serves 200 businesses in Nigeria, the United Kingdom, Kenya, the United States, and India. In addition, to support its OSIA initiative, the company has joined the Secure Identity Alliance as an associate member, and it has recently launched operations in Sierra Leone.

 

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According to report, Identitypass recently graduated from the Y Combinator accelerator program and now has 18 sources to check end-user data against.

 

Identitypass’s next stage of expansion will focus on expanding its existing infrastructure and expanding across Africa with new vertical products and services that track how users’ data is used across the internet. It also intends to launch products that will assist clients in identifying their customers, collaborate with regulatory agencies to develop an African data security framework, and form alliances and strategic partnerships with African countries.