iiDENTIFii, a biometrics technology company, has secured $15 million in growth capital. The financing was headed by Arise, an African investment group, whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance and FMO. This is, to date, the largest African Series A in the identity verification space.
iiDENTIFii is a world leader in biometric authentication. Its advanced face authentication technology verifies users in a safe way in seconds, whether they are using their phones or computers. iiDENTIFii operates across several industry verticals and is used by the largest pan-African banks, insurers, and mining houses for customer and employee authentication. Standard Bank, ABSA Bank, and Investec Bank are a few of its clients. Along with Arise, investors in this round include growth-stage private equity firm Sanari Capital and US tech entrepreneur Bill Spruill, who has been in business for a long time.
iiDENTIFii continues to evolve around Africa, curbing cybercrime
The company will utilize this financing to fuel its growth throughout Africa. Cybercrime in the financial sector is posing an increasing threat to the continent. Attackers exploiting security flaws have particularly serious consequences for financial services and banking applications that handle sensitive financial information. iiDENTIFii’s solution is an important part of the continent’s financial, digital, and identity inclusion because it uses biometric authentication to protect access to this sensitive financial information.
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“I’m incredibly proud of our engineering team and our growth as a company over the past three years,” says iiDENTIFii Founder and CEO Gur Geva. “This investment backs up our core business thesis of being Africa’s go-to identity provider for enterprises.” 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 are confident in continuing our mission of preventing identity theft in Africa.”
Partners applaud iiDENTIFii for its investment, development of adventure
According to Arise CEO Gavin Tipper, this investment marks Arise’s entrance into the African fintech market and is a natural extension of the company’s existing portfolio of bank investments across Sub-Saharan Africa. With our new partnership with iiDENTIFii, we will be able to provide innovative technology to financial institutions in Sub-Saharan, thereby bolstering digital anti-money laundering practices and promoting financial inclusion.
“At Sanari, we place a significant focus on technology and human enablement to unleash corporate potential,” says Sihle Gumede of Sanari Capital. “iiDENTIFii is, therefore, a terrific addition to our investment portfolio, and we look forward to being part of its continued development adventure.” We are excited about co-creating a scalable and sustainable pan-African biometrics business. “
“The work being done by iiDENTIFii is especially interesting, and I am interested in watching the effect it has on the African continent,” says Bill Spruill. “As an entrepreneur and investor, I’ve had a fair amount of experience with revolutionary technologies.”
iiDENTIFii just won KPMG’s Tech Innovator in Africa award, and in November 2022, they will go to Lisbon, Portugal, to compete for the global title. It has previously received honours, such as Microsoft Independent Software Vendor (ISV) Partner of the Year and MTN App of the Year, among others.
iiDENTIFii, is the winner of KPMG’s Private Enterprise Tech Innovator in Africa
About iiDENTIFii
iiDENTIFii is a world-leading remote biometric digital authentication and automated onboarding technology platform. It satisfies the needs of customer-focused organizations that are required to authenticate and onboard customers. It uses a tried-and-true automated method that is seamless and doesn’t get in the way. It meets customer intelligence, risk, and compliance goals, and all the governance and legal boxes are checked.
The company’s technology has been tested on a large scale and meets the requirements of the highest-ranked auditing firm in the world as well as legal requirements. The remote digital biometric identity authentication process is user-friendly and frictionless on any device.