Identitypass, a Nigerian digital compliance and security company, which delivers seamless identity verification solutions to businesses in Africa has today secured $360,000 in pre seed funding. The funds will be used by the company for customer acquisition, Research & Development and Team Expansion.
Reputable investors who participated in the funding round include CCHUB, Midlothian Angel Network, D Global Ventures Fund and other Angel Investors.
Launched in January 2021 by Cofounders Lanre Ogungbe, Niyi Adegboye and David Obi, Identitypass’s vision is to build a world class compliance and security infrastructure for Africa free from identity theft and compliance bottlenecks.
The platform provides an easy-to-use compliance and data security platform that allows businesses online to easily authenticate and validate the genuineness of a transacting party through the existing forms of identification ranging from personal trait to government issued identity cards to every bit of data that can help uniquely identify individuals and businesses while dealing with People, Money & Data in an easy, secure, and faster way. With a variety of products that include ID checker, Identity graph, Identity form and their biometrics technologies, Identitypass is currently powering the verification engine/solution for over 170 businesses but hopes to power more businesses in the coming quarters with upcoming verification products.
Identitypass has also established strategic partnerships to make its product usage kick off in multiple continents such as America and Asia.
Speaking on the fundraise, Lanre Ogungbe, Co-founder and CEO of Identitypass says “In the last 3 quarters since we launched, we have verified millions of users and businesses and this growth is largely due to our market approach strategies. The coming quarters’ goal is to launch new products that don’t only keep businesses secured but also secures every internet user in the region.
Niyi, another Co-Founder of identity pass said, “we are a team of amazing and experienced young talents with a thirst to make the internet safe for businesses and individuals to transact. We are building an infrastructure for trust for African businesses, and we are partnering with key stakeholders like Governments, other organisations to make this possible. Our aim is to be consistent in offering value to customers and partners as they aim to build the biggest verification solutions/products in the region”.
Identitypass funding features few notable tech founders in the ecosystem in this current round. Lanre says “It’s a great feeling when other founders believe in what you are building and how you are building it and takes a bet on you. Since launching this year, the company has achieved some milestones such as expanding the team to a size of 15 including a new Chief Marketing Officer, Lala Alakija, getting a support grant from Microsoft for start-ups worth ($120k) and being recognised by 2 international magazine brands as the fastest-growing verification company in Nigeria. Of all these, performing millions of verifications before we clock 1 year of launching is the greatest of all milestones”