iiDENTIFii, the South African-based innovative biometrics tech firm, has raised US$15 million growth capital.
The round was led by African investment company Arise whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance, and FMO.
This is, to date, the largest African Series A in the identity verification space.
Investors in the round alongside Arise are growth-stage private equity firm Sanari Capital and veteran US tech entrepreneur Bill Spruill.
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. Its customers include Standard Bank, ABSA Bank, and Investec Bank.
Its advanced face authentication technology securely authenticates users via their cellphones or PCs within seconds.
The use of iiDENTIFii’s biometric authentication to protect access to this sensitive financial information makes iiDENTIFii’s solution an integral part of financial inclusion, digital inclusion, and identity inclusion on the continent.
“I’m incredibly proud of our engineering team and our growth as a company over the past three years,” says iiDENTIFii Founder and CEO, Gur Geva. “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.”
iiDENTIFii will use this investment to fund its expansion across Africa.