Smile Identity, a leading KYC compliance and ID verification platform serving businesses and fintech companies across Africa has recently announced its acquisition of Appruve, a Ghana-based identity verification startup owned by Inclusive Innovations.

This strategic acquisition by Smile Identity aims to enhance its identity verification services, streamlining the onboarding process for companies operating throughout Africa and ensuring secure and seamless identity verification for their clients.

While the specific financial details of the acquisition have not been disclosed, sources suggest that the purchase amount was below $20 million, with a significant portion paid in stock.

With an established client base in the African fintech industry, Smile Identity is now poised to expand its reach, particularly in West Africa where Appruve has a strong presence.

Speaking about the acquisition, Smile Identity, in a statement, disclosed that

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.

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Additionally, Smile Identity will integrate Appruve's advanced technology into its platform, further strengthening its capabilities in detecting and preventing identity fraud.

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The acquisition positions Smile Identity to broaden its suite of APIs, which include mobile money, data, and anti-fraud checks. This expanded offering will enable Smile Identity to cater to over 1 billion Africans, the African diaspora, and 100 million African businesses. The platform supports more than 230 document and data types, with integration options available for every device and operating system combination used in Africa.

By leveraging the expertise and resources of Appruve, Smile Identity aims to solidify its position as a leading provider of identity verification services across the African continent, supporting the growth and development of businesses and fintech companies while ensuring the highest standards of security and compliance.

This acquisition marks an important milestone for Smile Identity, reinforcing its commitment to providing efficient and reliable identity verification solutions that empower businesses and individuals throughout Africa.