BusinessDay

iidentifii’s $15 million pre-seed funding sets record in verification space

iidentifii, an innovative biometrics tech firm has raised $15 million in growth capital, the largest African series A in the identity verification space.

According to the tech firm, this investment will be used to fund its expansion across Africa and cybercrime within the financial sector, which is a growing threat to the continent.

The consequences of attackers exploiting security vulnerabilities are particularly severe for financial services and banking apps that process sensitive financial information. The use of iidentifii’s biometric authentication to protect access to this sensitive financial information makes iidentifii’s solution an integral part of financial inclusion, digital inclusion, and identity inclusion on the continent.

“I’m incredibly proud of our engineering team and our growth as a company over the past three years,” says, Gur Geva, founder, and CEO, iidentifii. Geva stated “this investment validates our central business thesis that we are the preferred partner for enterprise-grade identity in Africa. We’re excited to put the investment to work as we close in on our goal of authenticating every face in Africa. With this new funding and the networks of Arise, Sanari, and Bill – we confidently continue our mission of stopping identity theft in Africa.”

However, this round was led by African investment company Arise whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance, and FMO, the company noted.

Read also:  Expert calls for federated identity data system to enable credible consumer analytics

Gavin Tipper, chief executive officer, Arise. noted that In complementing Arise’s portfolio of bank investments across Sub-Saharan Africa, this investment heralds our foray into the African fintech market.

“We are excited about our partnership with iidentifii, which will allow us to offer their unique technology to banks in Sub-Saharan Africa, strengthening digital anti-money laundering practices and advancing financial inclusion,” he said.

Also commenting on the pre-seed funding, Sihle Gumede of Sanari Capital said “At Sanari, we place a strong emphasis on digital and human enablement to unlock business potential,”

She further stated that iidentifii is a great addition to our investment portfolio and we look forward to being part of its ongoing growth journey.

In addition, the tech firm noted that it recently won KPMG’s Tech Innovator in Africa award and will compete for the global title in Lisbon, Portugal in November 2022.

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