ID verification startup VerifyMe Nigeria closes Series A funding round

From: RegTech Analyst

Hot on the heels of launching its identity verification product in August 2019, VerifyMe Nigeria has closed a new investment round.

The know your customer (KYC) verification technology company did not disclose how much money it had raised in its Series A round.

The funds will be used to expand strategic partnerships and bring new digital ID verification products to market.

“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,” said Esigie Aguele, co-founder and CEO of VerifyMe Nigeria. “We strive to transform the digital landscape by providing businesses with KYC-as-a-service tools to verify their client identities.”

Early-stage investor Consonance Investment Managers was the only named backer.

“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,” said Mobolaji Adeoye, managing partner at Consonance Investment Managers. “We believe that Tunji, Esigie and the VerifyMe team are doing work that is pivotal to meeting Nigeria’s financial and digital inclusion goals. We are proud to support their vision and journey.”

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