#78, Mark Straub - On Digital Identity as a Fundamental Driver of Economic Growth

Building The Future Podcast

This season of Building the Future was made possible by Moniepoint

My guest today is Mark Straub, founder & CEO of Smile ID.

Smile ID is building identity verification infrastructure for businesses in Africa.

Mark and I were connected by a mutual friend, but I’ve always been fascinated by his transition from being a venture investor to becoming a startup founder — especially considering that I made the transition in the other direction.

With Smile ID, Mark is building an important layer of trust for digital transactions across the continent. The company raised a $20M Series B and completed 100 million identity checks in 2023. Mark’s thoughtfulness, deep sector expertise and capacity to attract top talents seems to give him an unfair advantage in the space. In this episode, we explore:

• The role of fintech as a driver of economic development, and the role of digital identity as an important building block for fintech innovation.
• The crucial components needed for a successful digital identity system
• The strategic framework behind the company's expansion and how Smile ID has built differentiation in a crowded market
• Mark’s framework for attracting and retaining top talent
• Lessons from his experience as both an investor and entrepreneur

Book Recommendation::

Leaving the Tarmac: Buying a Bank in Africa by Aigboje Aig-Imoukhuede, providing an insightful resource for those interested in African business ventures.

High Growth Handbook by Elad Gil a comprehensive guide for scaling startups, covering critical topics such as hiring, management, product development, and fundraising.

Quote: “Having payment rails is like having a car.You can drive really fast and you can go from one place to another. You can send value from one place to another. Having good ID systems in place is like having a seatbelt and brakes that work. So you can stop the car from driving off the road and destroying everything in it.”

I hope you enjoy this episode as much as I did.

Transcript

CREDITS

Host: Dr. Dotun Olowoporoku
Produced by: The Subtext
Editing: Osarumen Osamuyi, Chinedu Anatune
Show Notes: Grace Obaloluwa
Design: Jonathan Nwachukwu
Voice Overs & Project Coordination: Damilola Teidi
Season Intro Video: Chukwuka Ezeiruaku