18 May Digital Security Platform Identitypass secures $2.8M in Seed funding
Digital security verification platform Identitypass has secured $2.8million in seed funding. The company provides verification services for companies across Africa.
In November 2021, the tech company made $360,000 in pre-seed funding, bringing their total funding to $3.1 million.
The company was initially developed to allow customers to make payments using biometrics (face, fingerprints, or voice) and cards, before it evolved into a focus on lowering fraud rates. However, they ran into problems performing verification checks while developing the platform. As a result, the business pivoted and reached out to fintech to inquire about their solutions.
After consultation, the company evolved to support transaction thresholds by offering additional investigative checks for customers.
Identitypass currently has 200 active businesses in fintech, e-commerce, education, and mobility. These companies are based in Nigeria, the United Kingdom, Kenya, the United States, and India.
Identitypass now intends to increase its current facilities, rolling out new verticals around compliance, security, and data collection, expanding into new African countries and adding to its 14-person team thanks to this seed funding led by MaC Venture Capital. Other investors include Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital.
Since its inception, Identitypass has completed over 1 million unique verifications. This includes looking at national IDs, driver licenses, international passports, bank verification numbers (BVN), phone numbers, vehicle plate numbers, debit cards, security watchlists, and tax history are examples of government-approved IDs.