Identitypass, a cybersecurity, and anti-fraud startup based in Lagos have raised $2.8 million in seed funding, which it plans to utilize to extend its product suite and platform into other territories.
Identitypass received seed funding from Marc Ventures, as well as Y Combinator, Soma Capital, True Capital Fund, Sherwani Capital LP, and other investors.
Since its inception in 2021, the company has raised $3.1 million in investment capital.
FinTech, cryptocurrency, mobility, EdTech, gig economy platforms, and telecoms organizations, among others, use Identitypass to verify other businesses and track down cyber threats and fraud.
Lanre Ogungbe, Niyi Adegboye, and Ebuka Obi founded Identitypass in 2021.
Identitypass wasn’t created with the intention of verifying persons or combating cybercrime. According to CEO Lanre Ogungbe, the company was founded as a platform for users to make payments using their biometrics and cards, but the team’s multiple obstacles led them to become what they are now. “At the time we were creating it, no one on the market had the infrastructure we needed to employ.” We intended to provide a replacement for authentication. “That was it,” remarked the Ogungbe.
The company is now focused on strengthening its existing network to make it much more possible for businesses to employ digital identification services in more African locations.
It plans to launch new vertical products and services, as well as new customer ID verification solutions, to make it easier for customers to track how their data is used on the internet.
Through collaboration with regulatory bodies throughout Africa, Identitypass seeks to establish a data security framework.
In the African digital arena, the Identitypass team has offered verification products like as a verification Software-as-a-Service (SaaS) solution, biometrics technologies, and data verification endpoints.
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