Smile Identity, a KYC compliance and ID verification platform that assists fintech and businesses throughout Africa in automating identity verification, announced the acquisition of Inclusive Innovations, the parent company of Appruve, a Ghana-based identity verification firm, recently.
Smile Identity intends to improve its identity verification services by acquiring the company, making it easier for enterprises operating throughout Africa to bring on new clients while ensuring that their identities are verified smoothly and safely.
Although the terms and conditions of the transaction have not been made public, it is reported that the purchase price was less than $20 million, with a larger chunk paid in stock.
Smile Identity about The Acquisition
“It is actively fulfilling regulatory requirements to finalize the transaction for the [Inclusive Innovation] affiliated entities in Africa. This strategic acquisition will expand Smile Identity’s footprint across Africa and solidify its position as the continent’s leading identity verification and digital KYC provider”.
The KYC verification platform already has a client base in the African fintech business, but this purchase opens up a new market for its services, notably in West Africa, where Appruve has a significant presence.
Smile Identity will be able to incorporate Appruve’s technology into its platform, making it even more powerful and successful in identifying and preventing identity fraud.
It hopes that the acquisition will allow it to “cover over 1 billion Africans, the African diaspora, and 100 million African businesses, supporting over 230 documents and data types with integration options for every device and operating system combination in Africa.”
Conclusion
Smile Identity was founded in 2017 by Mark Straub and William Bares with the objective of providing identity verification services that are accessible, affordable, and safe to everyone, particularly those living in emerging economies. It has worked with well-known customers such as ChipperCash, Paga, PayStack, Opay, and Kuda as a prominent participant in Africa’s ID verification and KYC compliance business.
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