Nigerian-based startup, Identitypass, has secured $2.8 million in seed funding led by MaC Venture Capital. The startup which recently graduated from Y Combinator a few months ago, had in November 2021, made $360,000 in pre-seed funding.

This new round brings the total funding of IdentityPass to $3.1 million.

Identitypass lowers the possibility of fraud for customers and businesses alike. This was, however, not the major reason, the company was founded. According to Lanre Ogungbe, co-founder and CEO of IdentityPass, the team was initially developing a platform that needed customers to make payments using biometrics (face, fingerprints, or voice) and cards.

According to the startup, there are over 200 active businesses in fintech, e-commerce, education, and mobility, that uses its platform to verify their customers’ identities. These companies are based in Nigeria, the United Kingdom, Kenya, the United States, and India.

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The company will use the new seed fund to increase its current facilities, roll out new products around compliance, security, and data collection and expand into new African countries while also adding to its 14-person team.

Other investors in this round include Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital.

The identity and verification platform costs between 10 cents and 20 cents per verification, based on the number of endpoints a company links to.

In addition to its APIs, the two-year-old startup recently established a SaaS platform. Identitypass, according to Ogungbe, has an edge over similar competitors in the field, such as fellow YC-batchmate Dojah and older startup Smile Identity, by providing software rather than a plug-and-play solution.