Smile Identity has raised $20million in series B funding to speed up the development and use of Artificial Intelligience powered identity verification technology and to expand new African tech market.
Smile Identity is an African based innovative start-up that is focused on providing solution to Identity Verification and KYC Compliance for African faces and Identities.
ID verification and KYC compliance have become needed for Africa as Financial Technology adoption increases. However, Smile Identity disclosed in a report that fraud rates on the continent reached an all-time high of 28% in 2022 with stolen and forged identities playing major role.
Smile Identity’s product guarantees the end-customer’s signature to a client’s platform where a customer is expected to take a selfie at onboarding against their IDs making it easier for clients to identify their customer better by confirming their faces and rejecting unknown and subsequent sign ups in fraud cases.
Smile Company is positive that its war chest helps it to partner closely with ID authorities and governments to create consumer consent standards and enforce local African data protection laws in the continent. This funding round will help the company extend development into new markets, particularly in Francophone and Arab speaking countries.
Smile Identity is taking the lead due to its relationship and knowledge. Smile has increased its business Verification (KYB) solution which entails 30 detailed business lookups such as registration number, incorporation, directors, beneficiaries and proprietor status.
The investors involved in the Series B funding are Value System Ventures, Intercept Ventures, Latitude, Future Africa and 500 Fintech which include new investors like Commerce Ventures, Court-side Ventures and two culture capital were given recognition in the continent.
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