• Sun. Jun 4th, 2023

Identitypass Raises $2.8 Million Seed Funding Backed by Y Combinator, Others 

ByJoan Aimuengheuwa

May 11, 2022

Nigerian identity verification startup, Identitypass, has raised $2.8 million in seed funding led by MaC Venture Capital.

Identitypass plans to expand its existing infrastructure, roll out new verticals around compliance, security and data collection, spread its reach into new African countries and employ more innovative minds.

The round, which comes a few months after Identitypass raised $360,000 in pre-seed investment, bringing its total funding to $3.1 million, also includes investors such as Y Combinator, Soma Capital, True Capital Fund and Sherwani Capital.

Identitypass affirms to have 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.

Founded by Lanre Ogungbe, Niyi Adegboye and Ebuka Obi, the two-year-old 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. 


See also  African Startup Aya Receives Grant From Coinbase Giving

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.