Smile Identity, a KYC compliance and ID verification startup, has laid off eight employees in what it says is a transfer to realize its profitability targets.
Smile Identity helps startups like banks and fintechs carry out id checks for his or her prospects and is among the most recognisable names within the ID verification business. The firm confirmed to TechCabal that it laid off eight employees early in June.
Part of the corporate’s e-mail to TechCabal stated, “To better navigate the changing macroeconomic landscape of the tech startup world, we decided to reduce our team size to focus on profitability and product development. We let go of 8 employees, representing less than 10% of our workforce.”
The layoffs will come as a shock to many, on condition that the corporate introduced the completion of a $20 million Series B spherical funding in February 2023. Per TechCrunch, Smile Identity stated the funding could be used to ramp up hiring efforts in East, Southern and Western Africa according to its purpose of increasing additional alongside the continent. In April 2023, the startup acquired the Ghanaian id verification software program, Appruve, to broaden its footprints throughout Africa and solidify its place as the continent’s main id verification and digital KYC supplier.
Smile Identity, based by Mark Straub and William Bares, has been a significant participant within the African KYC house since 2017. Four years after its launch, Smile Identity is lively in six African markets: Nigeria, Kenya, South Africa, Ghana, Rwanda and Uganda. It performs over 1,000,000 id checks month-to-month and has lined 250 million identities, serving purchasers like Paystack, Binance, Kuda, Paxful, and Chippercash, amongst others.
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