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Identitypass, An Identity Verification Api For Africa, Raises $2.8M Seed Funding

May 11, 2022•over 3 years ago

Amount Raised

$2.8 Million

Round Type

seed

LagosSoftware

Description

Mobile penetration in Africa is growing impressively at about 46% as more people come online for the very first time. In turn, this has increased the market opportunity for startups, especially fintechs and e-commerce, which try to provide various solutions to meet the financial needs of the populace.

Company Information

Company

Identitypass

Location

Lagos, Lagos State, Nigeria

About

The round also comes a few months after the startup raised $360,000 in pre-seed investment last November, bringing its total funding to $3.1 million. Depending on the number of end points a business connects to, the identity and verification platform charges between 10 cents to 20 cents on every verification it executes. Recently, the two-year-old company launched a SaaS platform in addition to its APIs. “Today, we have basic authentication using OTPs or a four-pin password, but by starting Identitypass, we wanted to introduce more authentication options into the market.”Next, Identitypass approached various agencies and authorities countrywide to get licenses and certifications needed for authorizing checks across a full spectrum of verification points.