Seamfixa global provider of digital identity solutions, has secured $4.5 million from True IDFa gender lens investment fund, in a round of private equity funding to scale the technology infrastructure underpinning its solutions, improve data flow critical to continental trade and integration, and begin expanding digital identity and credential services in five new African countries.
The new funding represents Seamfix’s first institutional investment and will enable the company to expand its services to Ghana, Kenya, South Africa, Ethiopia, and Uganda.
Because this matters
Digital identity and verification systems are critical to unlocking significant economic value in Africa’s growing and increasingly digital societies. From economic inclusion and efficiency in government services to public health and job creation, digital identity and verification systems are a fundamental driver of economic growth on the continent.
A recent report suggested that African countries that implement effective digital identity systems can strengthen their own GDP up to 13 percent.
Zoom in
The company has delivered a wide range of solutions for organizations such as Veremark, the National Identity Management Commission of Nigeria [NIMC]telcos (MTN, Glo, Airtel and 9 Mobile), financial institutions (United Bank for Africa, Interswitch and Union Bank) and more, enabling them and their customers worldwide to create, verify and access trusted digital identities and services.
Seamfix’s key achievements include the successful deployment of a digital solution enabling widespread access to National Identification Numbers (NINs) for over 100 million Nigerians.
Seamfix also supported Nigerian telecommunications service providers to register and verify a database of over 200 million subscriber identification units (SIMs) to comply with the Communications Commission of Nigeria regulations.
This investment not only validates our vision, but enables us to expand our reach and innovate further. We are grateful for Alitheia IDF’s support and commitment to our mission and are excited to lead the way in shaping a digitally inclusive Africa.”
Chimezie Emewulu, Group CEO and co-founder of Seamfix
Seamfix is currently working with major telcos across Africa (Nigeria, Cote d’Ivoire, Liberia, Sudan, Guinea-Bissau and others) on their registration, verification and linking to their national IDs. Thousands of fintechs and SMBs rely on Seamfix’s verification APIs for KYC checks during customer onboarding and employee background checks.
Between the lines
Seamfix is also proud to welcome two new board members – Tokunbo Ismail and Frank Atube. Tokunboh is the co-founder and principal partner of Alitheia Capital and a global voice on wealth creation and transformative impact. Frank has experience leading cross-functional teams in project and product management, business analysis, sales and marketing, customer experience and engineering.
What they say
Chimezie EmewuluGroup CEO and co-founder of Seamfix, said “We are excited to announce this new funding, which marks an important milestone in our journey to shape the future of digital identity verification in Africa and connect Africa to the rest of the world. Digital identity is a right – not a privilege – and this belief underpins our innovation and commitment to enable individuals and businesses in Africa to access all the benefits that come from having verifiable identities.
This investment not only validates our vision, but also enables us to expand our reach and innovate further. We are grateful for Alitheia IDF’s support and commitment to our mission, and are excited to lead the way in shaping a digitally inclusive Africa.”
Tokunbo IsmailPrincipal Partner, Alitheia IDF, said “In an increasingly digital world where digital platforms enable inclusion and expand access to essential services, digital identities are key to accessing opportunities. According to a recent McKinsey report, such access can unlock up to 70% of an economy’s full economic potential and an additional 6% of GDP..
This is especially important when you consider that studies show that low-income women in emerging economies are less likely to have a digital identity, which further hinders their ability to participate in economic value creation and access opportunities. With this investment Alitheia IDF is partnering with Seamfix to strengthen its work enabling millions of women to participate in the African economy and reach their full potential by providing critical identification services and empowering businesses across the continent at scale ».
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