Photograph — VerifyMe.ng

Nigerian-based identity verification startup, VerifyMe, this week said it has raised a Series A financing of an undisclosed amount from Consonance Investment Managers, an early stage and growth investing firm focused on Africa.

According to the company, the funds will be deployed in the expansion of strategic partnerships and in bringing new digital ID verification products to market, it said in a press release.

VerifyMe is a technology company that offers trusted KYC data through API and portal to industries and the Nigerian retail market. The company enables business growth across sectors through its KYC reports that are in compliance with Anti-Money Laundering (AML) directives and the Central Bank of Nigeria Tier III compliant verifications.

Since 2017, VerifyMe has built a KYC infrastructure layer to enable interoperability of KYC data across industries and employers, in partnerships with major banks and government agencies in Nigeria, giving decision-makers the tools to assess customer suitability for financial and other services. Its ID Validation (IDV) verification capabilities include Nigerian Identity Management Corporation (NIMC), Bank Verification Number (BVN) and Drivers License verification.

With over 10,000 domestic employers and 1,000 corporate employers using VerifyMe products today to verify identities, the firm has emerged as a leading technology company pioneering innovative, secure and realistic ID solutions in the African market.

But the goal is to further expand adoption across Nigeria and grow revenue twenty-fold over the next three years, the company said. “We are delighted to partner with Consonance Investment Managers in our mission to build Africa’s KYC infrastructure,” said Esigie Aguele, VerifyMe Co-founder/CEO.

By providing businesses with KYC-as-a-service tools for verification of their clients’ identities, the startup aims to unlock financial inclusion and intervention services in rural communities in Nigeria. “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,” Aguele added. “We strive to transform the digital landscape by providing businesses with KYC-as-a-service tools to verify their client identities.”

Mobolaji Adeoye, Managing Partner at Consonance Investment Managers, which recently invested in companies such as AFEX and MDaaS Global, described authenticated identity as 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,” Adeoye added.

Consonance Investment Managers invest in early-stage and growing businesses across sub-Saharan Africa. It backs entrepreneurs who are building large and profitable enterprises that create systems to enable national wealth creation. The company focuses on the following sectors and themes: Access to wealth creation, financial and capital markets infrastructure, access to essential services (education, health & power), culture and media, logistics and mobility, retail at scale, food and its distribution systems and technology infrastructure services.

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