African KYC and identification company Smile Identity raises $20 million in Series B

Smile Identity claimed to have performed 50 million KYC checks in Africa since its $7 million Series A in 2021.

In its KYC report, it provided information that showed there were more attempts at biometric fraud on buy now pay later (BNPL) platforms than on cryptocurrency platforms in 2022.

African KYC and identification company Smile Identity raises $20 million in Series B

The CEO and co-founder of Smile Identity, Mark Straub, reportedly stated in a statement shared with Techpoint Africa that "we believe the majority of people are honest, the challenge in the digital age is to prove this, regardless of how a user onboards - whether via agents, apps, tablets, the web, blockchains, or paper forms."

He went on to say that he was overjoyed to have the backing of partners and investors as the business makes Africa one of the most dependable markets in the world.

The $20 million Series B round of funding for Smile Identity was headed by Costanoa and Norrsken22, with participation from other investors such as Commerce Ventures, Courtside Ventures, Two Culture Capital, and Valuestream Ventures.

The business claimed that it will utilize the funds to increase the size of its engineering and product teams in order to speed up the specialization of its AI-powered biometrics, document verification, anti-fraud, and compliance solutions.

Along with expanding its teams in East, West, and Southern Africa, the financing will also enable it to expand into Francophone and Arab-speaking areas of the continent.

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