Smile Identity Acquires Appruve’s Parent Company to Expand its Expertise and Reach
Smile Identity has announced that it has acquired the parent company of Appruve, Inclusive Innovations, Inc. They are currently completing the necessary steps to finalize the acquisition of related businesses in Africa.
This acquisition will help Smile Identity expand its operations across Africa and establish itself as the continent’s top provider of identity verification and digital KYC (Know Your Customer) services.
Over the past six years, Smile Identity has built its business using document verification, face verification, biometrics, and data integration with trusted local ID authorities to confirm people’s true identities.
Similarly, since 2018, Appruve has been using financial and IdentityIdentity data to detect fraud and automate compliance for African businesses.
Both companies have a similar perspective on the issue of IdentityIdentity in Africa and a shared vision for the success of Africa’s digital economy. The responsible use of digital identity data can provide opportunities for everyone to participate in the economy.
By merging their businesses, they will offer an unmatched solution to the market and enable millions more Africans to prove their IdentityIdentity online easily.
Mark Straub, the CEO and co-founder of Smile Identity, expressed his thoughts on the acquisition, saying,
“Through this acquisition, we can better understand the direction of KYC in Africa. This includes understanding the markets, building relationships with regulators, and collaborating with compliance officers in both the public and private sectors across the continent.”
The acquisition of Appruve will result in a broader range of APIs, including mobile money, data, and anti-fraud checks. This will provide customers with a more comprehensive digital identity verification solution.
The combined company will cover over 1 billion Africans, the African diaspora, and 100 million African businesses. They will support over 230 types of documents and data with integration options for all devices and operating systems used in Africa.
Paul Damalie, the CEO and Founder of Appruve commented on the acquisition, saying, “From a product perspective, we are excited to collaborate with Smile Identity on fraud-related data sources, an area that Appruve has focused on extensively. Additionally, Smile Identity has recently introduced an AML product. By combining these datasets and our presence in multiple markets, we will provide the best experience for all our clients across Africa.”
Smile Identity will also strengthen its presence in Ghana and expand into French-speaking Africa, focusing on Cote D’Ivoire and Senegal. With the ability to verify local identity documents across Francophone Africa, Smile Identity becomes even more relevant to its clients, banks, and financial institutions serving West Africa.
Over the next few weeks, Appruve and Smile Identity will finalize the acquisition of Appruve’s local entities by completing the necessary administrative processes. Customers can expect a smooth transition, an expanded range of products, various integration methods with SDKs and APIs, and customer support coverage across different time zones. This combination solidifies Smile Identity’s position as the leader in providing Africa’s best identity verification and KYC solutions.
