VerifyMe Nigeria secures series A financing from Consonance Investment Managers for expansion
VerifyMe Nigeria, an ID verification and KYC technology company has secured a series A financing for an undisclosed amount from Consonance Investment Managers.
The company confirmed the financing and told BusinessDay that 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,” Esigie Aguele, co-founder/CEO, VerifyMe said.
“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,” Mobolaji Adeoye, managing partner at Consonance Investment Managers, said.
VerifyMe plans to expand adoption across Nigeria and grow revenue twenty-fold over the next three years. A company with a social mission, it is believed that VerifyMe will help unlock financial inclusion and intervention services in rural communities.
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 a leading technology company pioneering innovative, secure and realistic ID solutions in the African market.
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.