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.
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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