Inclusive Innovations is a developer of identity verification software, and Smile Identity has acquired it to bolster its KYC compliance and ID verification offerings. The company will continue to operate as an independent subsidiary under the Smile Identity umbrella.
Smile Identity’s acquisition of Inclusive Innovation affiliates in Africa solidifies the company’s position as a leading identity verification and digital KYC provider on the continent. The deal is not expected to be more than $20 million, with a large chunk of it in stock. This strategic acquisition expands Smile Identity’s footprint into Africa, solidifying its position as the continent’s leading identity verification and digital KYC provider.
Emerging fintech services in Africa are constantly under pressure from fraudulent activity, which necessitates increased KYC and identity verification processes. As this industry rapidly expands, companies must take measures to protect themselves from fraudsters, who are often skilled at circumventing traditional security measures.
Smile Identity is one of Africa’s leading ID verification and KYC compliance companies. With a $30 million in venture capital investment, the company has built out a platform that combines document verification, face verification, biometrics, and data integrations into local trusted ID authorities to verify people’s identities. Smile Identity’s customers include banks, financial institutions, and other businesses that need to ensure the safety and authenticity of their customers. As adoption of digital identities continues to grow in Africa, Smile Identity is well- positioned to capitalize on this growth trend.
Appruve’s focus on new datasets provides it an advantage over other digital verification startups such as Verify. Its API allows it to verify user identity, fraud detection and documentation, which makes it a good choice for companies that require these services. Additionally, Appruve’s lack of venture capital funding may limit its growth in the near future.
Since its founding in 2014, Appruve has been focused on providing innovative solutions for the banking and financial services industry. Bringing on board Smile Identity as a partner will enable the startup to build a fully comprehensive product and solution for the market. Smile Identity’s experience in AML and fraud prevention will be central to this venture, allowing Appruve to capitalize on current trends while still maintaining an edge over its competition.
Smile Identity, a KYC provider backed by Costanoa Ventures, recently opened its doors to the Francophone African market with plans to expand its product offerings and reach new customer bases. The company has secured growth capital from Costanoa Ventures and is using it to bolster its KYC capabilities, as well as further penetrate into other African markets. APIs and customers are in high demand in the realm of fintech, making Smile Identity a prime candidate for investment.
Apprve is Giving Mobile Money Services a More Accurate Data Base
The data base that Apprve has created will give mobile money services an accurate view of the people and businesses they are working with. This will ensure that money is not being sent to people or businesses that should not have it, and that no illegal activity is taking place.
Smile Identity says that the acquisition of Appruve will give it a larger audience to target and help it expand its suite of APIs, which include mobile money, data, and anti-fraud checks. The company has already verified over 60 million people and is said to be processing up to 100,000 verifications monthly.
With increased access to digital wallets and banking apps, as well as mobile money services across the continent, fraudsters are finding new ways to exploit customers. Smile Identity and its subsidiary Appruve intend to help decrease the potential for fraud by providing a comprehensive set of KYC and AML services. As the infrastructure that will enable trust among African businesses, Smile Identity is confident that it can play a key role in helping build confidence in the region’s financial system.
