The cutting-edge biometrics technology company iiDENTIFii, based in South Africa, has raised $15 million in growth capital.
Arise, an African investment firm, led the round with support from Rabobank Partnerships, Norfund, NorFinance, and FMO as cornerstone investors
The size of this Series A in the African identity verification market is the largest to date.
Growth-stage private equity firm Sanari Capital and seasoned US software entrepreneur Bill Spruill are among investors in the round in addition to Arise.
The top pan-African banks, insurers, and mining companies use iiDENTIFii to authenticate customers and employees across a variety of industry verticals. Standard Bank, ABSA Bank, and Investec Bank are a few of its clients.
Users are quickly and securely authenticated using their PCs or smartphones thanks to the company’s cutting-edge facial authentication technology.
The solution from iiDENTIFii is an essential component of financial inclusion, digital inclusion, and identity inclusion on the continent since it uses biometric authentication to protect access to this sensitive financial information.
Gur Geva, the founder and CEO of iiDENTIFii, says, “I’m tremendously proud of our technical team and our success as a company over the past three years. “This investment supports our core business tenet, which is that we are Africa’s go-to provider of enterprise-grade identity. As we get closer to achieving our objective of authenticating every face in Africa, we’re eager to put the investment to use. We boldly continue our mission to eradicate identity theft in Africa with the help of this additional funding and the networks of Arise, Sanari, and Bill.
iiDENTIFii will use this financing to further its African expansion.
Source: techgistafrica.com
