TechInAfrica — An ID verification and KYC technology company VerifyMe Nigeria has announced on Monday, January 27 that it has raised a Series A financing led by Consonance Investment Managers for an undisclosed amount.
The company plans to use the funds for the expansion of its strategic partnerships and bringing new digital ID verification products to the 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.
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.
“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.
Over the next three years, VerifyMe plans to expand adoption across Nigeria and grow revenue twenty-fold. A company with a social mission, VerifyMe will help unlock financial inclusion and intervention services in rural communities.
Consonance Investment Managers invest 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.