Lagos, Nigeria — Seamfix, a seasoned identity solutions company with a 17-year track record, has secured $4.5 million in funding from Alitheia IDF, marking its first institutional investor. The strategic infusion of capital propels Seamfix beyond its Nigerian roots as it sets its sights on more stable African markets.
Navigating Currency Fluctuations
- Chimezie Emewulu, Co-founder and CEO of Seamfix, explains:
- The naira’s volatility impacts dollar-denominated revenue growth.
- Seamfix strategically expands to Ghana, Kenya, and South Africa to earn more in forex.
Seamfix’s Core Offerings
- Digital Identities and Verification:
- Seamfix serves large organizations and governments across Africa.
- Transaction accreditation solutions are part of its portfolio.
- Existing Presence:
- Seamfix operates in Uganda, Cote d’Ivoire, and Ethiopia.
- Leverages a partnership with MTN Group for identity solutions where the telco operates.
The African Identity Challenge
- 542 million people lack identity cards in Africa.
- Solving this problem could boost GDP growth by up to 7%, but it comes with an estimated cost of $6 billion.
Pan-African Identity Switch
- Seamfix plans to build a cross-border identity verification system for the entire continent.
- A unified solution to address identity challenges across borders.
From Exams to Identity Solutions
- Seamfix’s journey began with a client project:
- Online exam system to prevent student impersonation.
- Biometric system capturing pictures and fingerprint data.
- Evidence generation to prevent repeat impersonation.
- Seamfix’s pivot to identity management solutions followed this success.
Market Penetration and Regulatory Compliance
- MTN Nigeria Partnership:
- Seamfix played a pivotal role in reducing MTN’s initial $5.2 billion fine to $1.7 billion.
- Regulatory compliance through improved customer registration processes.
- 500 Million Identities Processed:
- Seamfix’s impact extends across Nigeria’s National Identity Management Commission (NIMC), telcos (MTN, Glo, Airtel), and financial institutions (UBA, Interswitch, Union Bank).
Leadership and Board Expansion
- Tokunboh Ishmael (Co-founder and Principal Partner of Alitheia Capital) and Frank Atube (COO of Seamfix) join the company’s board.
- Seamfix’s vision: Seamlessly fixing Africa’s identity challenges through technology. 🌍🔑💡