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Smile Identity lays off eight employees as it increases its ‘focus on profitability’

Smile Identity lays off eight employees as it increases its ‘focus on profitability’

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Smile Identity, a KYC compliance and ID verification startup, has laid off eight employees in what it says is a move to achieve its profitability targets.

KYC compliance and ID verification startup Smile Identity has laid off eight employees as part of its efforts to achieve profitability targets. The company provides identity checks for startups in the banking and fintech sectors. The decision to downsize the team was made in response to the changing macroeconomic landscape of the tech startup industry. The layoffs represent less than 10% of the workforce. This move comes as a surprise following Smile Identity's announcement of a $20 million Series B funding round in February 2023, which was intended to support expansion efforts across Africa. The company currently operates in six African markets and serves clients such as Paystack, Binance, Kuda, Paxful, and Chippercash.


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