Identitypass, a Nigerian identity verification startup, has acquired $2.8 million in seed funding to expand its operations. With the fresh capital, the firm intends to launch new verticals focused on compliance, security, and data collecting, expand into new African nations, and add to its 14-person staff.

This comes months after the business received $360,000 in pre-seed capital in November, increasing its total funding to $3.1 million.

Other investors in the latest round of funding include Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital, in addition to MaC Venture Capital.

A Look At What The Startup Does

Lanre Ogungbe, Niyi Adegboye, and Ebuka Obi founded the two-year-old firm, which introduced a SaaS platform in addition to its APIs. The software was created to let Identitypass scale up and outperform its competitors in the market.

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Since its inception, Identitypass claims to have processed over 1 million distinct verifications, 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 among its offerings.

The identity and verification platform charges between 10 cents and 20 cents each verification depending on the number of endpoints a firm connects to.

Its products enable customers to authenticate, learn more about users and organizations, and detect and prevent fraud. When users implement Identitypass’ data search on their website/application, they can quickly integrate data searches to extract contact or user data and personalize web pages using contact or visitor information.

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Businesses from the fintech, e-commerce, education, mobility, and other sectors use the platform, which is available in Nigeria, the United Kingdom, Kenya, the United States, and India.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh