Biometrics tech firm, iiDENTIFii has raised US$15 million in growth capital in what industry watchers and analysts described as the largest African Series A in the identity verification space to date.
The round was led by African investment company Arise whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance and FMO.
Disclosing this in a statement, the Founder and CEO of iiDENTIFii, Gur Geva commended the engineering team at the company over the growth in the past three years. “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,” he said.
Also commenting, Arise CEO Gavin Tipper noted that in addition to complementing Arise’s portfolio of bank investments across Sub-Saharan Africa, this investment heralds Arise’s foray into the African fintech market.
“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,” he said.
iiDENTIFii is a world leader in biometric authentication. Its advanced face authentication technology securely authenticates users via their cellphones or PCs within seconds. iiDENTIFii operates across several industry verticals and is used by the largest pan-African banks, insurers and mining houses for both customer and employee authentication.