https://techcrunch.com/2023/04/26/smile-identity-expands-african-footprint-with-acquisition-of-appruve-to-strengthen-id-verification-services/

Smile Identity, a KYC compliance and ID verification partner for many African fintechs and businesses, has acquired Inclusive Innovations, the parent company of Appruve, a Ghanaian developer of identity verification software.

In a statement shared with TechCrunch, Smile Identity said it is “actively fulfilling regulatory requirements to finalize the transaction for the [Inclusive Innovation] affiliated entities in Africa.” This strategic acquisition will expand Smile Identity’s footprint across Africa and solidify its position as the continent’s leading identity verification and digital KYC provider, a part of the statement read. While the terms of the deal were not disclosed, sources close to the matter say the cash-and-stock deal was “not more than $20 million,” with a large chunk as stock.