- The funding will enable Seamfix to expand digital ID and credential services across Africa
- Funding will be used to scale Seamfix technology infrastructure
- Funding will also be used to improve Seamfix data flow for continental trade and integration
Seamfix, a global digital identity solutions provider, has secured $4.5 million from Alitheia IDF, a gender lens investing fund.
Digital TimesNG understands that this private equity funding round will be used to scale Seamfix’s technology infrastructure, improve data flow for continental trade and integration, and expand its digital ID and credential services into five new African countries.
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 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 per cent.
Since Chimezie Emewulu and Chibuzor Onwurah founded the company, Seamfix has been at the forefront of delivering end-to-end digital ID and credentials solutions for connecting businesses and individuals to disparate identity databases in Africa and around the world.
The company has delivered a wide range of solutions for organisations 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 in registering and verifying 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 including 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 African universities.
It powers them to issue instantly verifiable credentials and reduces the process of certifying credentials such as student transcripts and other official documents from over six months to a few days.
This transformation has also been responsible for more than 2,000 percent growth in internally generated revenue at these universities.
Chimezie Emewulu, Group CEO and co-founder of Seamfix said, “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.
“Digital identity is a right – not a privilege – and this belief underpins our innovation and commitment to enabling African individuals and businesses to access all the benefits of having verifiable identities.
“This investment validates our vision and empowers us to expand our reach and innovate further. We are thankful for the support from Alitheia IDF and their commitment to our mission, and we are excited to lead the charge in shaping a digitally inclusive Africa.”
Meanwhile, Seamfix has announced the appointment of two new board members – Tokunboh Ishmael and Frank Atube.
Tokunboh is the Co-founder and Principal Partner of Alitheia Capital and a global voice for wealth creation and transformational impact.
Frank Atube is a transformational change leader with a decade of success orchestrating strategic initiatives across various sectors.
Frank has experience in leading cross-functional teams across Project & Product Management, Business Analysis, Sales & Marketing, Customer Experience and Engineering.
He has worked in many capacities at Seamfix, including Head of Product Management, Head of Growth, and most recently, Chief Operating Officer.
Frank has been critical to the successes Seamfix has recorded especially in terms of growth in revenue, profitability and customer acquisition.
Tokunboh Ishmael, Principal Partner, Alitheia IDF, said, “In an increasingly digital-first world where digital platforms enable inclusion and broadening access to essential services, digital IDs are key to access 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 particularly pertinent when you consider that studies show that low-income women in emerging economies are less likely to have a digital ID, which further hinders their ability to participate in economic value creation and access opportunities.
“With this investment, Alitheia IDF is working with Seamfix to amplify its work in enabling millions of women to participate in the African economy and reach their full potential by providing crucial identification services and empowering businesses across the continent to scale.”
