South Africa-based TruID has reportedly closed a funding round which will help it to expand it customer base and product.
The investment was supplied by Crossfin Ventures, according to a report from Disrupt Africa.
With the close of the round, TruID is hoping to build upon its current data capabilities and will leverage Crossfin’s portfolio of FinTech companies to add more consumer touchpoints.
TruID is a single identity source which enables a user to login, share, verify and confirm their information from a single platform. The user makes a virtual ID, which can include information such as their name, email, address, phone number, SSN, passport, drivers license and more.
The user can choose which information is shared with companies and what is hidden from them. All data is secured by bank-grade encryption.
Companies can use TruID to accelerate their onboarding processes as well as improve their anti-fraud processes by cross-checking the information with in-house and database blacklists.
There have been a handful of South African FinTechs to raise capital this year. Last month, InsurTech startup CompariSure has closed a funding round to support the increased adoption of its solution.
Other FinTechs to raise funds include InsurTech startup Inclusivity Solutions and challenger bank Bank Zero.
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