VerifyMe Secures Series A Financing

VerifyMe, a Nigeria-based ID verification startup that helps people know their clients, has secured undisclosed funds from Consonance Investment Managers. The platform will use the investment to fund its digital ID verification products that enable real-time verification for businesses.

Esigie Aguele and Olutunji Oluwole founded VerifyMe in 2017. VerifyMe accesses data from government parastatals in Nigeria to authenticate effective real-time verification. Its public partners include the Nigerian Identity Management Commission, Central Bank of Nigeria and the Federal Road Safety Commission.

It uses data to provide businesses with KYC tools for verifying the client’s identities. The KYC startup is looking to expand adoption across Nigeria over the next three years.

Since inception, VerifyMe has helped protect companies against fraudulent clients using its tiered verification services. It also seeks to grow its revenue and unlock financial inclusion in rural communities.

VerifyMe plans to expand adoption across Nigeria and grow revenue twenty-fold over the next three years. A company with a social mission, VerifyMe will help unlock financial inclusion and intervention services in rural communities. 

Consonance Investment Managers invest 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. 

It 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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