KYC startup VerifyMe Nigeria raises Series-A round

Lagos-based ID verification and Know Your Client (KYC) startup VerifyMe Nigeria has raised an undisclosed Series-A round from Consonance Investment Managers.

VerifyMe’s platform enables seamless real-time ID verification backed by the Nigerian Identity Management Commission, Central Bank of Nigeria, Bank Verification Number, and Federal Road Safety Commission driver’s licenses.

Lagos-based Consonance Investment Managers said in a statement last Friday (17 January) that the investment will be used to fund its strategic partnerships and bring new digital ID verification products to market.

VerifyMe will use the funding to bring new products to market as well as expand its strategic partnerships

VerifyMe also plans to expand adoption across Nigeria and grow revenue 20-fold over the next three years.

The startup was founded in 2017 by Esigie Aguele (pictured above) and Olutunji Oluwole.

Aguele, who is also the startup’s CEO, referred to digital services a key catalyst for Africa’s economic growth and financial inclusion, but pointed out that these can only be unlocked if there’s a mechanism to verify identity at scale.

“We strive to transform the digital landscape by providing businesses with KYC-as-a-service tools to verify their client identities,” he added.

Featured image:VerifyMe Nigeria CEO and co-founder Esigie Aguele (VerifyMe Nigeria via Facebook)