iiDENTIFii, the innovative biometrics tech firm, has raised $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 so far the largest African Series A in the identity verification space.
iiDENTIFii is a global provider of biometric authentication solutions. 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. Its customers include Standard Bank, ABSA Bank, and Investec Bank. Investors in the round alongside Arise are growth-stage private equity firm Sanari Capital and veteran US tech entrepreneur Bill Spruill.
iiDENTIFii will use this investment to fund its expansion across Africa. Cybercrime within the financial sector is a growing threat to the continent. The consequences of attackers exploiting security vulnerabilities are particularly severe for financial services and banking apps that process sensitive financial information. 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.”
“In addition to complementing Arise’s portfolio of bank investments across Sub-Saharan Africa, this investment heralds our foray into the African fintech market,” says Arise CEO Gavin Tipper. “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.”
“At Sanari, we place a strong emphasis on digital and human enablement to unlock business potential,” says Sihle Gumede of Sanari Capital. “iiDENTIFii is, therefore, a great addition to our investment portfolio and we look forward to being part of its ongoing growth journey. We are excited about co-creating a scalable and sustainable pan-African biometrics business.”
“As an entrepreneur and investor, I’ve had a significant amount of experience with transformative technology,” says Bill Spruill “The work being done by iiDENTIFii is particularly exciting and I am excited to see the impact it has on the African continent.”
iiDENTIFii recently won KPMG’s Tech Innovator in Africa award and will compete for the global title, taking place in Lisbon, Portugal in November 2022. It has previously, amongst other awards, won MTN App of the Year and Microsoft Independent Software Vendor (ISV) Partner of the Year.
iiDENTIFii is a world leader in biometric authentication. Its advanced face authentication technology safely authenticates users via their cell phones 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.
Arise is an African investment company that partners with sustainable, locally owned financial and non-banking institutions in sub-Saharan Africa. The company was founded by several cornerstone investors namely Rabobank Partnerships, Norfund, NorFinance and FMO and currently manages assets in excess of $1 billion.
Founded in 2013, Sanari Capital is a private equity investment firm focused on investments in growth companies emanating from Africa (mainly South Africa) with regional and global scalability and exposure. Sanari invests in established and growing companies in industries that benefit from Sanari’s thematic focus areas and capitalise on its specialisation of investing in founder-run, owner-managed and family-owned businesses. Sanari Capital is majority women- and black- led and owned. Sanari is a Profit with Purpose firm, promoting inclusive growth whilst delivering superior returns to investors through advancing access to market and professional, leading-edge management practices.