African remote biometric digital authentication and automated onboarding technology platform, iiDENTIFii has secured $15 million in growth capital. This is the largest African series A round of financing in the identity verification space.
The round was led by investment company Arise whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance and FMO.
Cybercrime 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.
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.
Commenting on the investment,Gur Geva, Founder and CEO, iiDENTIFii said, “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.”
Arise, CEO Gavin Tipper said, “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.”
