Smile Identity has acquired Inclusive Innovations, the parent company of Appruve, a Ghanaian identity verification software developer, to strengthen its ID verification services in Africa.
The deal, reportedly not more than $20m, is expected to expand Smile Identity’s presence across Africa and bolster its position as the continent’s leading provider of digital KYC and identity verification.
Smile Identity’s business model involves combining document verification, face verification, biometrics, and data integrations into local trusted ID authorities to verify people’s identities, AML checks, customer onboarding, and fraud prevention.
On the other hand, Appruve provides an API that verifies user identity, fraud detection, and digital documentation.
“The acquisition would enable Smile Identity to use localized data and expertise to develop more comprehensive solutions for the market. It will also allow the firm to extend its KYC capabilities into Francophone Africa, Ivory Coast, Senegal, and Uganda.”
Smile Identity’s statement claims that the acquisition will expand its suite of APIs 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.