Seamfix has raised $4.5 million from Alitheia IDF, a gender-focused investment fund, in what marks Seamfix’s first institutional investment. The company hopes to use the capital to fuel its expansion into Ghana, Kenya, South Africa, Ethiopia, and Uganda.
The funding will enhance the technology infrastructure behind its solutions, facilitate crucial data flows for trade and integration, and drive the deployment of digital identity and credential services across the continent, Seamfix says.
Digital identity systems hold immense potential for economic growth in Africa. Reports estimate a potential GDP boost of up to 13 percent for African nations that effectively implement such systems.
Seamfix already plays a notable role in this space, having previously developed digital solutions facilitating wide-scale access to National Identification Numbers (NINs) in Nigeria, and assisted telecommunications providers with SIM registration and verification compliance.
Alitheia IDF is a private equity fund that prioritizes investments in businesses within Africa that are either owned by women, led by women, or provide products or services that primarily benefit women.
“In an increasingly digital-first world where digital platforms are enabling inclusion and broadening access to essential services, digital IDs are key to accessing opportunities, ” said Tokunboh Ishmael, Principal Partner, Alitheia IDF.
The investment signifies a strong endorsement of the mission and capabilities of Seamfix, which has also supported fintechs and SMEs with KYC verification solutions.
“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,” said Chimezie Emewulu, Group CEO and co-founder of Seamfix. “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,” he added.
Source: Tech Labari
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May 7, 2024 — by Tony Bitzionis
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