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Prembly acquires Tunnel to expand financial data capabilities

Prembly acquires Tunnel to expand financial data capabilities

Prembly, a compliance and security infrastructure company in Africa announced its acquisition of Tunnel, a company that facilitates legitimate data sharing among businesses on Monday.

According to the company, the acquisition enhances Prembly’s suite of security solutions and expands its financial services capabilities, providing reliable identity verification through the integration of comprehensive financial data.

It described Tunnel as a trusted partner in the credit and identity industry by connecting lenders to high-quality data and sustainable technology. Its pioneering fintech product, PhoneCash, also helps customers send money as quickly as possible.

The integration of Tunnel’s services provides businesses with a powerful tool to scale, enabling access to real-time customer information from multiple sources through a single Application Programming Interface (API.).

Lanre Ogungbe, CEO of Prembly, while recognising the importance of financial data as a crucial component of identity verification said, Prembly has strategically chosen to merge Tunnel into its existing identity verification solutions.

“We understand the unique challenges faced across the markets and we are thrilled to announce the acquisition of Tunnel. This aligns with Prembly’s core mission to protect and enable businesses to thrive by providing robust compliance and security infrastructure,” he said.

Tunnel was built to make data available for regulated providers to access, use and share, allowing customers to interact with multiple streams of financial solutions.

“We are proud to join forces with Prembly, as we merge our solutions into an extensive compliance and security network. This acquisition marks a drive towards empowering businesses, particularly with actionable customer information and insights,” said Tobi Okedeji, co-founder and CEO, Tunnel.