Identity Pass: Fighting Internet Fraud with KYC[S2, EP8]

In this episode, the CEO and co-founder of Identity Pass, Lanre Ogungbe, shares the story behind the company and its mission to provide a world-class compliance and security infrastructure for Africa. The company offers a variety of products, including biometric authentication, data and document verification, and compliance and data security solutions. With over 1 million verifications processed since launch, Identity Pass charges between 10 and 20 cents per verification based on the number of endpoints a business connects to. Yemi discusses with Lanre about the differentiation of Identity Pass from other players in the AML/KYC compliance space, the challenges of acquiring business customers, and the potential for future growth and expansion. Subscribe to our podcast and share it with your friends and colleagues to stay up-to-date on the latest insights and stories from successful African entrepreneurs. Timestamp 00:00 - Intro 00:31 - Story from the Trenches 04:41 - What is Identity Pass? 07:11 - Innovations enabled by products Identity Pass offers 10:16 - Why does identity verification have so many players 15:51 - Dynamics within the the industry that allows for multiple companies 20:51 - Opportunities for players in the industry to share APIs 23:56 - How would a customer know Identity Pass is the right one for them 27:31 - How does wide range of business product create better outcomes for Identity Pass 32:15 - Interesting stats worth knowing 36:06 - Components that had to be put together to make Identity Pass work 41:30 - How much Identity Pass makes per business acquired 46:06 - Business Margin for Identity Pass 52:51 - What a typical sales cycle looks like 55:06 - How Identity Pass got it's first customer 56:56 - Stereotyped faced being seen as Gen Z 59:56 - Bull Case for Identity Pass 1:02:16 - Outro