The business Prembly, best known for its Y Combinator-selected Identitypass product, is not well-known in the African startup scene.
However, the business offers a wide range of services.
Prembly formalized as a parent business late last year after seeing the need for expansion beyond KYC, biometrics, and data verification. Prembly was founded in 2021 when it commercialized Identitypass, a digital verification platform.
The necessity to close recognized market gaps and the rising consumer deman Identitypass d for better digital security services were the driving forces behind this decision, according to CEO and co-founder Lanre Ogungbe, who spoke at Disrupt Africa.
We’ve created a strong infrastructure under Prembly to guarantee top-notch data security, product stability, and seamless interaction with advanced security agency networks, which will be launched in a few weeks.
As a “complete compliance and security infrastructure company building products to protect businesses in emerging markets,” Prembly describes itself. Identitypass, the company’s core product, started off offering KYC/KYB services but has now grown to include biometrics, data verification, document verification, and compliance solutions, boosting businesses’ security and compliance initiatives. However, as Ogungbe said, the business is broadening its scope.
“To broaden our product portfolio, we launched Identityradar, an AI-powered identity verification system that focuses on Anti-Money Laundering compliance, screening, fraud detection and prevention, and transaction monitoring,” the speaker stated. “Most recently, we launched Identity Form, a secure form builder created to gather necessary data and automate verification and registration processes.”
In the domain of identity fraud and theft, Prembly identified a huge market gap where there was an urgent need for an efficient security infrastructure adapted to the specific features of each market. As a result, several products were released.
According to Ogungbe, “companies too frequently implement fraud detection systems that were created for other markets, ignoring the unique characteristics and requirements of emerging markets.”
“One significant omission we saw was the failure to take into account the distinctive types of data that are present in certain marketplaces, such as data on politically exposed individuals and criminal histories. There was a definite need for approaches that addressed these particular difficulties while also minimizing reliance on manual procedures, which frequently hindered productivity.
Ogungbe thinks that Prembly is the only business today that provides a full range of digital identification solutions, especially with its security systems for emerging markets and integration into 100 government security organizations.
“Continuous learning and adaptation have defined our path since Identitypass’s start. Although the market’s response prompted us to broaden this ambition and develop into a fully fledged security provider, we originally intended for our solution to be API-focused. We take satisfaction in assisting some of the top banks and businesses in Africa, he said.
After participating in the W22 round of the Y Combinator accelerator program, what was then known as Identitypass raised a pre-seed round of funding in 2021 and a seed round of US$2.8 million in 2022. Ogungbe, however, said that the firm was concentrated on becoming self-sustaining.
“We’ve found that the most sustainable way has been through our customers, which also affirms the relevance and effectiveness of our products in the marketplace,” he said.
By charging for each screening, identification check, or verification carried out on its platform, Prembly makes money. Fees vary according to the number of services needed, location, and the size of the firm, ensuring sustainable and individualized pricing.
Given that Prembly has so far offered specialized security solutions across 40 nations, its emphasis on independence surely appears to be paying off.
Our aim is to dominate the marketplaces in emerging economies, according to Ogungbe. “We’d like to establish a strong presence in other developing markets, like Latin America, in the coming years.”