Smile Identity expands African footprint with acquisition of Appruve to strengthen ID verification services

Smile Identity, a KYC compliance and ID verification partner for many African fintechs and businesses, has acquired Inclusive Innovations, the parent company of Appruve, a Ghanaian developer of identity verification software.

In a statement shared with TechCrunch, Smile Identity said 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, a part of the statement read. While the terms of the deal were not disclosed, sources close to the matter say the cash-and-stock deal was “not more than $20 million,” with a large chunk as stock.

As fintech services proliferate across different African markets, the need to have sufficient KYC and identity verification processes in place has intensified amid increasing fraud challenges and more stringent regulatory requirements.