We want to assist you as soon as possible - IdentityPass CEO following a $360k pre-seed round
We want to assist you as soon as possible - IdentityPass CEO following a $360k pre-seed round
A total of $360,000 in pre-seed funding has been raised by Identitypass, a Nigerian digital compliance and security company that provides businesses in Africa with seamless identity verification solutions, according to the company. Customers will be added to the company's database, research and development will be conducted, and the company's team will be expanded with the funds.
Among those who participated in the funding round were CCHUB, Medlothian Angel Network, D Global Ventures Fund, and other angel investors.
Founded in January 2021 by Lanre Ogungbe, Niyi Adegboye, and David Obi, Identitypass has the mission of establishing a world-class compliance and security infrastructure for Africa that is free of identity theft and compliance bottlenecks. Lanre Ogungbe is the founder and CEO.
Complying with regulations and protecting personal data is made simple by the platform's data security and compliance features. IdentityPass' platform, which makes use of existing forms of identification, enables businesses to quickly and easily authenticate and validate the genuineness of a transacting party when transacting online.
Personal characteristics, government-issued identification cards, and any other piece of data that can be used to uniquely identify individuals and businesses while facilitating easy, secure, and faster transactions involving People, Money, and Data are all examples of modes of identification that can be used.
Identpass co-founder and CEO Lanre Ogungbe told Technext that the company's growth strategy is centered on assisting as many companies as possible.
According to him, "We want to assist as many digital businesses in Africa as possible, and the market will determine where we expand to next."
IdentityPass has verified millions of individuals and businesses since its launch, according to the company's CEO.
Presently, IdentityPass offers a variety of products, including identity checkers, identity graphs, identity forms, and biometrics technologies, among others. Over 170 businesses have already signed up with the startup so far, and it hopes to increase that number in the coming quarters as more verification products are introduced.
Apart from that, Identitypass has established strategic partnerships to assist its products in spreading throughout the world, particularly in North and South America as well as Asia.
One of the team's co-founders, Niyi Adegboye, described them as "amazing young talents" who had a "passionate desire" to make the internet a safe place for businesses and individuals to conduct transactions.
"With the help of key stakeholders, such as governments and other non-governmental organizations, we are establishing a trust infrastructure for African businesses. While working with customers and partners to build the region's largest verification solutions/products, it is our goal to consistently add value to their experiences "He went on to explain.
It claims to have achieved several milestones since launching this year, including growing the team to 15 members, which includes a new Chief Marketing Officer, Lala Alakija, receiving a $120,000 start-up grant from Microsoft, and being recognized as Nigeria's fastest-growing verification company by two international magazine brands, among other things.
At the moment, there are a slew of identity verification companies competing for business in the Nigerian market. A large number of them are older than IdentityPass. Consequently, what makes the startup unique in comparison to its more established competitors? According to CEO Lanre Ogungbe, the approach taken by his company is quite unique.
"When it comes to verification, we take a different approach than our competitors. We are a product-focused API company, and this is reflected in the way we've designed our products to make it easier for businesses and developers to use our solutions with or without integrating our API, as well as the way we've designed our products to make it easier for businesses and developers to use our solutions with or without integrating our API "He went on to explain.
The startup makes money by charging a fee for each successful verification that it completes on its platform.
With regard to the company's future funding, the CEO of IdentityPass has stated that the company will be prepared to seek additional funding once it has achieved a number of the milestones that it has previously set for itself.
"Due to the fact that our initial focus was on developing a great solution and that the traction was convincing, our most recent funding round went smoothly. We will seek additional funding as soon as we have achieved all of the traction milestones that we have set for ourselves "He went on to explain.
