Smile Identity expands African footprint with acquisition of Appruve to strengthen ID verification services

by Digital Brainiacs
0 comment 1 minutes read

Smile Identity, a KYC compliance and ID verification partner for many African fintechs and businesses, has acquired Inclusive Innovations, the parent company of Appruve, a Ghanaian developer of identity verification software.

In a statement shared with TechCrunch, Smile Identity said 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, a part of the statement read. While the terms of the deal were not disclosed, sources close to the matter say the cash-and-stock deal was “not more than $20 million,” with a large chunk as stock.

As fintech services proliferate across different African markets, the need to have sufficient KYC and identity verification processes in place has intensified amid increasing fraud challenges…

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