Finance

DEAL: Nigerian startup, Identitypass raises $2.8 million to drive African expansion


Nigerian identity verification startup, Identitypass has raised $2.8 million in seed funding to expand its business. The company plans to roll out new verticals around compliance, security, and data collection, push into new African countries and make new hires to its 14-man team with the new funding.

This is coming months after the startup raised $360,000 in pre-seed investment last November, bringing its total funding to $3.1 million.

The latest funding, which is led by MaC Venture Capital, involves other investors such as Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital.

Founded by Lanre Ogungbe, Niyi Adegboye and Ebuka Obi, the two-year-old startup launched a SaaS platform in addition to its APIs. The software was built to enhance Identitypass’ growth scale and excel among its competitors in the market.

About Identitypass

  • Identitypass says it has processed over 1 million distinct verifications since launch, with government-approved IDs, such as national IDs, driver licenses, international passports, bank verification numbers (BVN), phone numbers, vehicle plate numbers, debit cards, security watchlists and tax history included in its offerings.
  • Depending on the number of endpoints a business connects to, the identity and verification platform charges between 10 cents to 20 cents on every verification it executes.
  • Its products enable clientele to verify, gain deeper insights about users and businesses, detect as well as prevent fraud. Users can easily integrate data searches to retrieve contact or user data and are allowed to personalize web pages with contact or visitor information when they implement Identitypass’ data search on their website/application.
  • Businesses from across the fintech, e-commerce, education, mobility and other sectors leverage the platform and are spread in countries such as Nigeria, the United Kingdom, Kenya, the United States and India.



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