Smile acquires Appruve to expand identity verification footprint across Africa

With company valuations down KYC and face biometrics provider Smile Identity, with offices in Nigeria, South Africa, Kenya and London, has bought the parent of a Ghana competitor.

Smile bought Inclusive Innovations, parent of ID verifier Appruve. Financial news publisher TechCrunch has reported that it was a cash-and-stock arrangement (heavy on the stock) valued at “not more than $20 million.”

Smile says the move will benefit customers through more anti-fraud and digital identity products, software development kit and API integration, and global customer support.

The buyout will improve “our knowledge of the markets, our relationships with regulators, and our collaborations with compliance officers across the continent in both the public and private sectors,” Smile CEO Mark Straub said in a statement.

Looked at another way, Smile is taking what is very likely to be the most economical path toward a bigger presence across multiple African nations. The company has significant influence in parts of Africa, it would likely be more expensive to push Appruve out of disputed markets and take longer.

Doing this now is buying market share at a discount.

Executives of the company say they are awaiting regulatory approval to close the deal.

Smile’s portfolio includes selfie biometric and document verification and data integration with trusted ID authorities.

Article Topics

acquisitions  |  Africa  |  digital identity  |  face biometrics  |  KYC  |  selfie biometrics  |  Smile Identity