Digital identity solutions provider Seamfix secures $4.5 million funding
Seamfix, a global digital identity solutions provider, has secured $4.5 million from Alitheia IDF, a gender lens investing fund, in a private equity funding round.
The firm plans to use the new capital injection to scale its technology infrastructure that underpins its solutions, improve data flow crucial for continental trade and integration, and kickstart the expansion of its digital ID and credential services into five new African countries.
“We are thrilled to announce this new funding, which marks a significant milestone in our journey of shaping the future of digital ID verification in Africa and connecting Africa to the rest of the world.'' Chimezie Emewulu, Group CEO, and co-founder of Seamfix, said.
''Digital identity is a right - not a privilege - and this belief underpins our innovation and commitment to enabling individuals and businesses in Africa to access all the benefits that come with having verifiable identities. This investment not only validates our vision but also empowers us to expand our reach and innovate further."
Starting in Nigeria, Seamfix provides identity creation, verification and transaction accreditation solutions for large organisations and government agencies across multiple African countries. The new funding represents Seamfix’s first institutional investment, and it will enable the company to expand its services to Ghana, Kenya, South Africa, Ethiopia, and Uganda.
Digital ID and verification systems are crucial to unlocking significant economic value across Africa's growing and increasingly digital societies. From financial participation and efficiency in government services to public health and job creation, digital ID and verification systems are a fundamental driver of economic growth on the continent. A recent report suggested that African countries that implement effective digital ID systems can boost their GDP by up to 13 percent.
Since the company was founded by Chimezie Emewulu and Chibuzor Onwurah, Seamfix has been at the cutting edge of delivering end-to-end digital ID and credentials solutions for connecting businesses and individuals to the disparate identity databases in Africa and across the world. The company has delivered a wide range of solutions for organizations such as Veremark, Nigeria’s National Identity Management Commission [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 globally to seamlessly create, verify and access trusted digital identities and services.
Seamfix's key achievements include the successful development of a digital solution enabling widespread access to National Identification Numbers (NINs) for more than 100 million Nigerians. Seamfix also supported Nigerian telecommunications services providers, to register and verify a database of over 200 million Subscriber Identification Modules (SIMs) to comply with Nigerian Communications Commission regulations. Seamfix currently works with major telcos across Africa (Nigeria, Côte D’Ivoire, Liberia, Sudan, Guinea-Bissau and more) on their SIM registration, verification and linkage to national identities. Thousands of fintechs and SMEs rely on Seamfix’s verification APIs for KYC checks during customer onboarding and employee background checks.
Seamfix’s digital credential platform has also transformed the credential issuance and certification process for multiple universities across Africa, powering them to issue instantly verifiable credentials and transforming the process of certifying credentials such as student transcripts and other official documents from over 6 months to a matter of days. This transformation has also been responsible for more than 2,000 per cent growth in internally generated revenue at these universities.
