David Obi is a technology entrepreneur and co-founder of a compliance and security infrastructure platform known as IdentityPass. IdentityPass is a tested and trusted technical solution to identity theft and a trusted platform to curb cybercrime.
Through the lens of cybersecurity experience, Obi and his other co-founders discovered that regulatory technology (RegTech) is rapidly becoming a very important area of technology in Africa. With rapid progress in the technology field.
In 2021, IdentityPass startup funding increased by 42.1% despite the COVID-19 pandemic outbreak. RegTech is a class of software applications for managing regulatory compliance with new prudential requirements.
“In 2021, we will officially launch IdentityPass, a product under the company name Mainline Digital. We realize that you need to make sure your transactions are secure.
“This discovery led to IdentityPass. We quickly decided that this was an untapped opportunity and moved to a security and compliance company,” said Obi.
The serial entrepreneur explained that IdentityPass was born out of a strong need to ensure that individuals and businesses are protected in cyberspace.
“The remaining co-founders Lanre Ogungbe, Tolu Adetuyi, and Niyi Adegboye previously worked in the tech field. Two of the co-founders are from Account and the other is from Moneypoint.” he said.
“We combined the experience and enthusiasm from our previous roles and poured them into building IdentityPass.
Mainline Digitech’s chief technology officer pointed to access to a wide range of data points as an advantage of this product over its contemporaries.
“In the simplest possible terms, our single most important differentiator is our access to a wide range of data points. We currently have access to verify 6,500 different identities across Africa.”
Regarding the challenges facing the company, a graduate of the YCombinator (W22) Accelerator Program said the challenges he experienced with IdentityPass were in traditional businesses.
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He reiterated that extracting data is difficult because traditional businesses do not have digital data and most of their records are on paper. requires time and resources.
But Obi was proud of the company’s growth in the face of numerous challenges.
“Our growth is in numbers. Since our inception, we have worked with over 400 companies, grown to 1.5 million unique verifications per month, and served more than 35 countries across Africa. And with over $3 million in revenue, we continue to be the company with the largest data points in Africa.”
Furthermore, he told the federal government that it is not enough to simply store data digitally, it must be able to be retrieved and transmitted effortlessly, so by bridging the huge infrastructure gaps in the country, it is possible to We asked that this problem be significantly alleviated by providing a safer environment.
A serial entrepreneur has revealed some of the reasons why so many startups fail.
“If you identify the real problem and find a big market and an untapped niche, you will surely succeed. ’cause,” he pointed out.
Over the next five years, Obi said, IdentityPass expects an IPO, a valuation of over $1 billion, and hundreds of thousands of customers.
“Africa’s development goals are comprehensive and include both technology and industrialization. We look forward to meeting that need.”