# Smile Identity

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/smile-identity

- Industry: Software
- Headquarters: San Francisco, US
- Website: www.smileidentity.com
- Total disclosed funding: $28M
- Latest round: Series B (Nov 13, 2022)
- Investors on record: 14

## About

Smile Identity is a California-based technology firm established in 2016, specializing in identity verification solutions that enhance user authentication and compliance across various sectors, particularly in the African market.Smile Identity provides identity verification solutions to businesses, enabling accurate identity checks through advanced technology. Founded in San Francisco, US, in 2016 by a team led by CEO Mark Straub, the company has raised a total of USD 16.70 mn through its latest funding round, Series B, which took place on November 13, 2022. This round was co-led by Norrsken22 and included participation from notable investors such as Commerce Ventures and Costanoa Ventures, among others. The company has successfully completed 4 deals, with its current valuation at USD 68.95 mn.Smile Identity offers a comprehensive suite of identity verification solutions designed to enhance user authentication and compliance across various sectors. Their core products include Document Verification, Biometric KYC, Enhanced DocV, and Business Verification, all of which facilitate accurate identity checks by matching user-provided information against government records and biometric data. These solutions address critical use cases such as fraud prevention, customer onboarding, and regulatory compliance, particularly in the financial services and digital payment markets. The company’s services are tailored for businesses operating in multiple African countries, including South Africa, Nigeria, Tanzania, Uganda, and Kenya, and have been adopted by clients across industries such as banking, lending, and cryptocurrency. Their offerings enable remote customer verification, significantly improving processes like merchant onboarding, exemplified by partnerships that have resulted in reductions in fraud and accelerated onboarding times.Smile Identity operates primarily on a subscription-based revenue model, allowing businesses to integrate its identity verification solutions seamlessly into their platforms. Clients, including financial institutions and digital service providers, engage with Smile Identity through various pricing plans that align with their specific verification needs. Revenue is generated through the utilization of services such as Biometric Authentication and AML Checks, with clients paying fees based on the volume of verifications they conduct or the tier of service selected. The company’s flagship product, SmartSelfie™ Authentication, is essential for maintaining compliance in highly regulated markets, further reinforced through direct partnerships and integrations that facilitate ongoing client engagement and support.In November 2022, Smile Identity raised USD 16.70 mn in Series B funding aimed at expanding its product and engineering team. The company plans to accelerate the development and specialization of its AI-powered biometrics, document verification, anti-fraud, and compliance solutions tailored for African markets. Future initiatives include the launch of new products designed for enhanced identity verification, alongside strategic expansion into additional African markets. This funding will play a critical role in supporting these growth strategies.

## Funding rounds

- Series B, Nov 13, 2022, $17M — Intercept Ventures, Costanoa Ventures, Commerce Ventures, Courtside Ventures, Two Culture Capital, ValueStream Ventures, Future Africa, Norrsken22
- Series A, Jul 8, 2021, $7M — Intercept Ventures, 500 Global, Costanoa Ventures, Khosla Impact, Beta Ventures, LocalGlobe, CRE, Story Ventures, ValueStream Ventures, Future Africa
- Seed, Apr 19, 2018, $4M — 500 Global, Khosla Impact, Beta Ventures, Story Ventures, ValueStream Ventures

## Investors

- 500 Global (https://capitalatlas.ai/funds/500-global) — Seed, Series A
- Khosla Impact — Seed, Series A
- Beta Ventures (https://capitalatlas.ai/funds/beta-ventures-2) — Seed, Series A
- Story Ventures (https://capitalatlas.ai/funds/story-ventures) — Seed, Series A
- ValueStream Ventures (https://capitalatlas.ai/funds/valuestream-ventures) — Seed, Series A, Series B
- Intercept Ventures (https://capitalatlas.ai/funds/intercept-ventures) — Series A, Series B
- Costanoa Ventures (https://capitalatlas.ai/funds/costanoa-ventures) — Series A, Series B
- LocalGlobe (https://capitalatlas.ai/funds/localglobe) — Series A
- CRE (https://capitalatlas.ai/funds/cre) — Series A
- Future Africa — Series A, Series B
- Commerce Ventures (https://capitalatlas.ai/funds/commerce-ventures) — Series B
- Courtside Ventures (https://capitalatlas.ai/funds/courtside-ventures) — Series B
- Two Culture Capital (https://capitalatlas.ai/funds/two-culture-capital) — Series B
- Norrsken22 (https://capitalatlas.ai/funds/norrsken22) — Series B