Announcing our $2.8 Million Seed Funding.

Today — another history has been made at Identitypass. We are thrilled to announce that Identitypass has raised $2.8 million in Seed funding. The round was led by Marc Ventures Capital. And also backed by Y Combinator, Soma Capital, True Capital Fund, Sherwani Capital LP, and other amazing funds.

This raise presently brings Identitypass’s total external funding to over $3.1 million over the past couple of months since operations commenced. We’d like to share with you what this new seed raise means to us, our customers, our team, and Africa’s future of identity verification.

KYC and Security: The next valuable step for African digital Businesses

Recent growth in internet and mobile penetration in Africa has seen a lot of people coming online for the first time. Digital businesses are being launched daily and existing ones, scaling up — more than ever before, the internet needs to be safe for both parties. With this recent growth on the continent, KYC is now considered a necessary step for businesses in the continent. Our goal at Identitypass is to make online trust and safety easily accessible to all African brands and identities: by offering businesses a quick and seamless onboarding process for customers, protecting customers from identity theft, and optimizing companies’ compliance rates with AML and KYC regulations.

Identity Theft in Africa

Globally, businesses lose about $1 trillion per annum to cybercrime while the whole African continent is losing $4 billion annually to cybercrime. At the core of what we do is making it possible for digital businesses in Africa to easily verify and validate that their customers are who they say they are. Our mission at Identitypass however transcends identity verification by making it possible for businesses to verify other businesses, and easily track down cyber threats and fraud. This will enable more businesses to build a more positive reputation and promote inclusion and economic growth as a continent. This growth cuts across sectors such as Fintech, Crypto, Mobility, Education, Gig economy Platforms, online retail platforms, and telcos as every identity can be verified and fraud can easily be prevented.

Our Growth Story so far

Identitypass’s first verification call happened in January 2021, and we have moved on from then on to processing millions monthly. Our vision remains unchanged — to build a world-class compliance and security infrastructure for Africa.

Since we started operations, we’ve been able to effectively enable over 200 active businesses in Nigeria, the UK, Kenya, the USA, and India. to consistently verify their customers’ identities.

Within the past 16 months, Identitypass has been recognized as the best verification company in Nigeria by the International Business Magazine, the Most innovative verification solutions provider in Nigeria and has also been admitted as an associate member of the Security Identity Alliance (OSIA).

One key goal for Identitypass is expanding to other African countries to proffer solutions to the present identity crisis and financial inclusion issue in Africa. So far, Identitypass has been able to expand its solutions to 4 additional African countries, with Sierra Leone being the last addition just this month.

What’s Next for Identitypass?

We’ve introduced innovative verification products into the African digital market, including verification SAAS solution, biometrics technology, and data verification endpoints. All these were achieved with a team of 14 amazing and mission-driven talents, who have contributed immensely in different capacities to skyrocket Identitypass to its present stage.

In our next growth, we will focus on expanding our existing infrastructure, and while we keep making it easier for businesses in the region we cover, our immediate next step is to power digital identity services in more regions in Africa. For this, we will begin to roll out new vertical products and services that make it easier for people to track how their data is being used across the internet.

We will also launch new products that will make it possible for more companies to know who their customers truly are. We will not just stop there; we would also work with as many regulatory agencies to develop a top-notch data security framework across Africa. Lastly, we will work with multiple alliances, and form more formidable and strategic partnerships across different countries in Africa.

We Are Grateful to The Community!

We wish to extend our appreciation to everyone who has helped to keep our head high in the African economy. Thanks to our existing investors who are continuously rendering their unwavering support towards our growth. Also, to the new investors who took a chance to believe in our mission and vision of creating a trustworthy environment for businesses and customers, we welcome you aboard.

Thanks to the amazing team at Identitypass for relentlessly contributing to this present phase of our growth.

In conclusion, a heartfelt appreciation to all the businesses we serve for entrusting us with their business security. The Identitypass team is encouraged by your trust, and we are also looking forward to your growth.

We are building the standard for Identity Verification in Africa!