Cape Town-based digital identity startup iiDENTIFii has raised $15 million in a new funding round led by African investment company Arise. The round also saw investors like Rabobank Partnerships, Norfund, NorFinance and FMO.

According to the startup, the funding will be used to accelerate its penetration across the African continent.

iiDENTIFii uses a unique advanced technology that has advanced the face authentication technology. The startup also operates across several industry verticals and is used by the largest pan-African banks, insurers and mining houses for both customer and employee authentication. 

With this update also, iiDENTIFii hopes to curb the rising rate of Cybercrime within the financial sector due to the lack of adequate or ineffective biometric authentication, The iiDENTIFii will also work to protect sensitive financial information about its customers.

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Speaking about the funding, iiDENTIFii CEO, Gur Geva said “I’m incredibly proud of our engineering team and our growth as a company over the past three years, This investment validates our central business thesis that we are the preferred partner for enterprise-grade identity in Africa. We’re excited to put the investment to work as we close in on our goal of authenticating every face in Africa. With this new funding and the networks of Arise, Sanari, and Bill – we confidently continue our mission of stopping identity theft in Africa.” 

Arise CEO Gavin Tipper said iiDENTIFii complemented his firm’s portfolio of bank investments across Sub-Saharan Africa, and also heralded its first foray into the African fintech market.

“We are excited about our partnership with iiDENTIFii, which will allow us to offer their unique technology to banks in Sub-Saharan Africa, strengthening digital anti-money laundering practices and advancing financial inclusion,” he said.