Prembly, a leading security provider for emerging markets has acquired data-sharing startup Tunnel to expand its financial capabilities. The strategic purchase by Prembly CEO Lanre Ogungbe aims to deliver enhanced identity verification by integrating Tunnel’s comprehensive financial records.
Prembly already supplies protections enabling over 40 African countries to conduct trusted transactions. But acquiring Tunnel furthers Prembly’s vision to broaden financial offerings by supplying dependable customer verification tied to financial data.
Tunnel, founded by Tobi Okedeji, Yusuf Badmos, and Ibraheem Lanre, specialises in enabling legitimate data sharing between companies using sustainable tech. By linking lenders to Tunnel’s quality customer insights, Prembly can empower providers to access and leverage real-time information securely.
Prembly CEO Lanre Ogungbe said this aligns with their mission of enabling businesses to thrive in developing markets through robust protections. He called the Tunnel acquisition a milestone reflecting Prembly’s dedication to strategic partnerships and expanding capabilities.
One of Prembly’s pioneering fintech products, PhoneCash, has already revolutionised money transfers by ensuring fast, efficient transactions. Combined with Tunnel’s offerings, Prembly can now build an ecosystem enhancing verification while reducing risks.
Tunnel CEO Tobi Okedeji stated that joining forces merges their data solutions into a comprehensive security network driving businesses forward. He said the acquisition marks a drive towards empowering businesses with actionable customer information.
By uniting strengths, Prembly and Tunnel expect to expand services benefiting businesses and consumers. Blending Prembly’s security with Tunnel’s data insights provides the next wave of financial innovation across developing economies.
This exemplifies the power of strategic collaborations in tackling complex challenges. As emerging markets demand better financial access, these innovators pave the way with secure data capabilities unlocking new opportunities.