iiDENTIFii Raises $15 Million To Combat Cybercrime In Africa

Innovative biometric technology company iiDENTIFii says it has raised $15 million to combat cybercrime with biometric authentication and for company growth in Africa.

The fund was headed by African investment firm Arise, whose cornerstone investors included Rabobank Partnerships, Norfund, NorFinance, and FMO, according to founder and CEO Gur Geva on Wednesday.

In a statement, Geva asserted that iiDENTIFii would surely put an end to identity theft in Africa with the help of the new fund and the networks of Arise, Sanari, and Bill.

He said that the investment supported the key business thesis of the biometrics company as the go-to provider of enterprise-grade identity in Africa.

“Cybercrime within the financial sector is a growing threat to the continent, the consequences of attackers exploiting security vulnerabilities are particularly severe for financial services and banking apps that process sensitive financial information.

“The use of iiDENTIFii’s biometric authentication to protect access to this sensitive financial information makes iiDENTIFii’s solution an integral part of financial inclusion, digital inclusion, and identity inclusion on the continent,’’ he said.

According to Arise CEO Gavin Tipper, the transaction not only complemented Arise's portfolio of bank investments throughout Sub-Saharan Africa but also signalled the company's entry into the African fintech industry.

Tipper expressed excitement for the cooperation with iiDENTIFii, which will enable the company to deliver special technology to banks in Sub-Saharan Africa, boost digital anti-money laundering processes, and advance financial inclusion.

According to Sihle Gumede of Sanari Capital, Sanari places a heavy emphasis on human and digital enablement to maximise business potential.

Gumede stated that as a result, iiDENTIFii is a wonderful addition to our investment portfolio and we look forward to sharing in its ongoing expansion.

“We are excited about co-creating a scalable and sustainable pan-African biometrics business,” Gumede said

The work being done by iiDENTIFii, according to American technology investor Bill Spruill, is particularly fascinating because of the potential impact it will have on the African continent.