Founded in 2017, Smile Identity has become a major player in Africa’s ID verification and KYC compliance industry, combining document verification, face verification, biometrics, and data integrations into local trusted ID authorities to verify people’s identities.
Meanwhile, Appruve provides an API that verifies user identity, fraud detection, and digital documentation, primarily focusing on new datasets that complement traditional government data.
Smile Identity’s acquisition of Appruve is expected to enhance its API offerings and expand its presence across Africa, solidifying its position as a leading identity verification and digital KYC provider on the continent.
According to Smile Identity, the acquisition will allow it to cover over 1 billion Africans, the African diaspora, and 100 million African businesses, supporting over 230 documents and data types with integration options for every device and operating system combination in Africa.
Before the acquisition, Smile Identity had just crossed over 60 million verifications, while Appruve processed up to 100,000 verifications monthly.
With fintech services proliferating across different African markets, having sufficient KYC and identity verification processes in place has become crucial, especially amid increasing fraud challenges and more stringent regulatory requirements.