Africa’s leading identity verification and digital platform Smile Identity has raised $20 million in Series B funding to expand its product and services into new markets.

The funding round was led by Costanoa and Norrsken 22, with participation from other Investors such as Two culture capital, Courtside Ventures, Value stream Ventures, Intercept Ventures, Latitude, Future Africa, and 500 fintech. Lexi Novitske from Norrsken 22 will also join Smile identity’s board as part of the series B funding. This brings the total funds raised to $31 million including $7 million in series A funding raised in 2021.

Investors King understands that the recent funds raised will help Smile identity to expand its product and engineering team, accelerating the development of specialization of its AI-powered biometrics, document verification, anti-fraud and compliance solutions tailored for new African markets.

The startup is optimistic that the money raised will enable it to partner with the governments of African countries as well as ID authorities to create consumer consent standards, enforce local African data protection laws, and share data on fraud and financial inclusion trends.

Speaking on its expansion plan, the company’s CEO Mark Straub said, “we believe the majority of people are honest. The challenge in the digital age is to prove this regardless of how a user is on boards, whether via agents, apps, tablets, the web, blockchains, or paper forms. We are thrilled to have the support of our partners and investors as we solve this problem across IDs, devices, and compliance regimes to ensure Africans are among the most trusted in the world”.

Since its operation in 2017, Smile Identity has been leading the way in digital transformation, providing secure and verifiable identities for millions. The startup has been driven by a desire to ensure that any African, anywhere in the world, can easily verify their identity.

Currently, Smile Identity is developing tools and software that will revolutionize the way millions of Africans prove and authenticate their identities online. Its artificial intelligence and identity verification tools have been specially designed for African faces and have a 99.8 percent accuracy rate.

Nigerian energy financial technology startup that provides people access to solar energy and payment plans SunFi, has raised $2.324 million in seed funding.

The seed round was led by Nairobi-based factor (e), SCM Capital asset management, and other participation from investors such as Sovereign capital, Voltron Capital, Ventures platform, and Norrsken impact accelerator.

Speaking on the seed fund raised, SunFi CEO Rotimi Thomas revealed that the investment will help the startup expand its operations and enhance its capacity to adjust clients on the best systems to purchase at the most affordable prices.

With this funding, SunFi also hopes to improve its Fintech features over the following 12 to 18 months, convert more than 4,000 consumers, and expand its existing 29-person workforce.

“This investment seeks to aid SunFi to grow its operations and improve upon its capabilities to suggest the best systems with the lowest costs to customers, typical of every rational customer wanting to be offered the best quality in exchange for a small quantity fee or charge associated with acquiring the facility,” he added.

Founded in 2021, with its headquarters in Lagos, SunFi builds energy financial technology that optimizes and matches the right clean energy solution to meet customers’ needs. From payment plans to installation support and maintenance, the startup got its customers covered.

It also offers a buy-now-pay-later (BNPL) payment option for solar providers, which ultimately benefits end consumers. By filling the credit gap, the startup wants to eliminate the need for solar providers to seek credit from financial institutions.

Investors King understands that SunFi does not manufacture or install solar panels, rather it gives small solar businesses expert advice on choosing the best manufacturers in the market.

After it launched a demo version of its app in November 2021, the demand for solar systems surged to over 200%. SunFi has also partnered with Arnergy Solar, the largest solar installer in Nigeria, to expand access to more consumers.

A digital educational company, Classera Inc. has disclosed that it raised $40m for its global expansion in its Series A funding round.

The edutech firm expressed readiness to enlarge its e-learning platform scope to further penetrate into more African nations. 

Investors King learnt that Classera engages the world’s latest technology to bring about a positive transformation in the educational system. It encourages the use of digital communication systems instead of the traditional learning methods at all levels of education.

A statement by the company explained that the Series A funding round was embarked on by the Public Investment Fund-owned Sanabil Investments, in collaboration with Global Ventures, Seedra Venture, Endeavor Catalyst, Sukna Venture and 500 Global Company.

Classera averred that the fund gathered would be used to expand into Asia Pacific and other parts of the world, selling more educational solutions and partnering with other organisations.

The company said in a release that the round was led by the Public Investment Fund-owned Sanabil Investments, accompanied by Global Ventures, Endeavor Catalyst, 500 Global, Sukna Venture, and Seedra Ventures.

According to the Strategic Partnerships Director of Classera Inc., Mahmoud Gabry, the firm has its focus on Africa in its scope expansion.

He expressed excitement with the company’s new partnership with TD Africa which has a rich database and records on e-learning solutions in Nigeria and Ghana.

Gabry said, “As we just completed one of the largest funding rounds a company with no prior funding had done in the EdTech industry, we are determined to extend our worldwide presence focusing on Africa to accomplish our vision.

“Today, I am very excited about our new partnership with TD Africa to empower the learning journey of our clients in Nigeria and Ghana benefiting from the innovation brought by Classera and its globally recognized and awarded learning solutions spearheaded by its state of art Learning Super Platform.”