Nigerian startup ID verification and Know Your Customer (KYC) tech startup VerifyMe has secured an undisclosed round of Series A funding from Consonance Investment Managers to help it expand.
Launched in 2017, VerifyMe offers trusted KYC data via API and portal to industries and the Nigerian retail market, enabling business growth across sectors by delivering KYC as a service.
The startup partners with major banks and government agencies in Nigeria, and is used by over 10,000 domestic employers and 1,000 corporate employers. It now plans to expand strategic partnerships and bring new digital ID verification products to market after raising Series A funding from Consonance Investment Managers,which invests in early-stage and growing businesses across Sub-Saharan Africa.
VerifyMe plans to expand adoption across Nigeria and grow revenue 20-fold over the next three years.
“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 and chief executive officer (CEO).
Mobolaji Adeoye, managing partner at Consonance Investment Managers, said authenticated identity was a critical foundation of digital commerce and financial services.
“It is 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,” he said.