Nigeria: Verifyme Secures Financing

20 January 2020

VerifyMe Nigeria, an ID verification and Know Your Customer (KYC) technology company, has announced that it has secured a Series A financing that runs in into millions of naira from Consonance Investment Managers. The funds would be used to expand strategic partnerships and bring new digital ID verification products to market.

Pleased with the funding, VerifyMe Co-founder/CEO, Esigie Aguele, said: "We are delighted to partner with Consonance Investment Managers in our mission to build Africa's KYC infrastructure.

"Digital services are a key catalyst for Africa's economic growth and financial inclusion but they can only be unlocked if there's a mechanism to verify identity at scale.

"We strive to transform the digital landscape by providing businesses with KYC-as-a-service tools to verify their client identities."

The Managing Partner at Consonance Investment Managers, Mobolaji Adeoye, said: "Authenticated identity is a critical foundation of digital commerce and financial services; it's the cornerstone of trust which is essential for collaboration in economies. "We believe that Tunji, Esigie and the VerifyMe team are doing work that is pivotal to meeting Nigeria's financial inclusion goals. We are proud to support their vision and journey."

VerifyMe said it wouldn't expand adoption across Nigeria and grow revenue twenty-fold over the next three years. As company with a social mission, VerifyMe will help unlock financial inclusion and intervention services in rural communities, the company said in a statement.

VerifyMe Nigeria is a technology company offering trusted KYC data via API and portal to industries, and the Nigerian retail market.

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