African fintech unicorn, iiDENTIFii, the enterprise-grade identity verification platform for Africa’s top financial institutions, has raised $15 million growth capital.
The round was led by investment company Arise whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance and FMO.
This is the largest African series A round of financing in the identity verification space.
iiDENTIFii’s technology authenticates users via their cellphones or PCs within seconds. The company operates across several industry verticals and is used by top pan-African banks, insurers and mining houses for both customer and employee authentication.
iiDENTIFii customers include Standard Bank, Absa and Investec Bank to name a few.
Investors in the round alongside Arise are growth-stage private equity firm Sanari Capital and veteran US tech entrepreneur Bill Spruill.
“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.”Gur Geva, Founder and CEO, iiDENTIFii
Cyber crime within the financial sector 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. iiDENTIFii’s biometric authentication solution is an integral part of financial inclusion, digital inclusion, and identity inclusion on the continent.