The biometrics tech company iiDENTIFii has raised $15 million in a growth capital round led by African investment company Arise. Rabobank Partnerships, Norfund, NorFinance, and FMO are also investors in the round.
Additionally participating in the financing were the growth-stage private equity company Sanari Capital and the American technology entrepreneur Bill Spruill.
iiDENTIFii asserts that their face authentication system can authenticate users via their mobile devices or personal computers in a safe manner in a matter of seconds. The company has customers from high-profile institutions, such as Standard Bank, ABSA Bank, and Investec Bank, and works in several market segments.
Gur Geva, the founder and CEO of iDENTIFii said that the investment backs up their main business idea, which is that they are the best partner in Africa for enterprise-grade identity.
As we get closer to achieving our objective of authenticating every face in Africa, we couldn’t be more thrilled to put this investment to work.” With this new investment and the networks of Arise, Sanari, and Bill, we are confident in our ability to continue our objective of preventing identity theft in Africa,” he continued.
“We are excited about our partnership with identified,” said Gavin Tipper, CEO of Arise, which will let us offer their unique technology to banks in Sub-Saharan Africa. This will help strengthen digital anti-money laundering practices and bring more people into the financial system.
KPMG has been recognized identified as a leading technology innovator in Africa. In Lisbon, Portugal, they will compete for the global award in November. Previously, it was named MTN App of the Year and Microsoft Independent Software Vendor (ISV) Partner of the Year.