VerifyMe Nigeria, an ID verification and KYC technology company, has secured a Series A financing for an undisclosed amount from Consonance Investment Managers.
The startup tends to expand its strategic partnerships and bring new digital ID verification products to the market with the funds.
According to Esigie Aguele, Co-founder/CEO of Verify Me:
“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.”
While in a statement by Mobolaji Adeoye, Managing Partner at Consonance Investment Managers, he believes the startup is on the right track to being a foundation to digital commerce:
“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.”
With the funding, VerifyMe plans to expand adoption across Nigeria and double its revenue twenty-fold over the next three years. VerifyMe also hopes to help unlock financial inclusion and intervention services in rural communities, as one of its social mission.
About 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 the 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.