VerifyMe Nigeria, an ID verification and KYC technology company, announced today it has secured a Series A financing for an undisclosed amount from Consonance Investment Managers.
The funds will be used to expand strategic partnerships and bring new digital ID verification products to market.
“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,” said Esigie Aguele, VerifyMe Co-founder/CEO.
“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,” said Mobolaji Adeoye, Managing Partner at Consonance Investment Managers.
VerifyMe plans to expand adoption across Nigeria and grow revenue twenty-fold over the next three years. A company with a social mission, VerifyMe will help unlock financial inclusion and intervention services in rural communities.
About VerifyMe NG (www.verifyme.ng)
VerifyMe Nigeria is a technology company offering trusted Know Your Customer (KYC) data via API and portal to industries, and the Nigerian retail market. With KYC reports that comply with Anti-Money Laundering (AML) directives and CBN Tier III compliant verifications, VerifyMe products enable business growth across sectors by delivering KYC as a service.
Since 2017, VerifyMe has built a KYC infrastructure layer to enable interoperability of KYC data across industries and employers. This gives decision makers the tools to assess customer suitability for financial and other services. VerifyMe partners with major banks and government agencies in Nigeria to provide KYC as a service. With over 10,000 domestic employers and 1,000 corporate employers using VerifyMe products today to verify identities, VerifyMe has emerged as a leading technology company pioneering innovative, secure and realistic ID solutions in the African market.
VerifyMe’s ID Validation (IDV) verification capabilities include Nigerian Identity Management Corporation (NIMC), Bank Verification Number (BVN) and Drivers License verification.
About Consonance Investment Managers (www.consonanceinvest.com)
Consonance Investment Managers invests in early-stage and growing businesses across sub-Saharan Africa. Consonance backs entrepreneurs who are building large and profitable enterprises that create systems to enable national wealth creation. It focuses on the following sectors and themes: Access to wealth creation, financial and capital markets infrastructure, access to essential services (education, health & power), culture and media, logistics and mobility, retail at scale, food and its distribution systems and technology infrastructure services.
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Nigerian startups raised $377m in 2019, more than twice what they did in 2018. Find out more when you download the full report.