Seamfix Raises $4.5 Million In its First Institutional Investment from Alitheia

Investing in start-ups has ensured the growth and expansion of many fintech businesses in Africa. One such start-up is Seamfix, a digital identity solution provider. Seamfix raises $4.5 million in funding from Alitheia IDF, a pioneering gender-lens fund investor.

The company invests in scalable businesses to leverage the power of gender diversity as a factor for superior performance.

The investment will further enhance Seamfix infrastructures and ensure the expansion of digital ID biometrics services in different African regions.

Seamfix Raises $4.5 million: About Seamfix and History

Seamfix is a startup that provides identity creation, verification, and transaction accreditation solutions for large organizations. These organizations include government agencies across multiple African countries. The Nigerian-based company has strategies to expand to other African countries. With the new funding, Seamfix can achieve its expansion strategy. The $4.5 million fund will enable the company to expand its services to Ghana, Kenya, South Africa, Ethiopia, and Uganda.

Chimezie Emewulu, Group CEO, and co-founder of Seamfix said: “This investment validates our vision. It also 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.”

The company was founded in 2007 by Chimezie Emewulu (Group CEO) and Chibuzor Onwurahe at the University of Nigeria, Nsukka. They created the Digital ID and verification system after creating several relevant projects for different universities. The startup has gone on to create different relevant projects that have positively impacted Nigeria.

It has delivered a wide range of solutions for organizations such as Veremark, and Nigeria’s National Identity Management Commission [NIMC]. Additional to these are telcos (MTN, Glo, Airtel, and 9 Mobile), and financial institutions (United Bank for Africa, Interswitch, and Union Bank).

Seamfix Raises $4.5 Million To Expand Beyond Nigeria

The solutions enabled the organizations to seamlessly create, verify and access trusted digital identities and services.

Seamfix’s major achievement is the successful development of a digital solution that enabled widespread access to National Identification Numbers (NINs). This was accessed by more than 100 million Nigerians.

This impressive feat wasn’t the only achievement by the company, Seamfix also supported Nigerian telecommunications services providers. The startup created ways to register and verify a database of over 200 million Subscriber Identification Modules (SIMs) to comply with NCC 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.

Conclusion

Seamfix’s digital credential platform has altered the credential issuance and certification process for multiple universities across Africa. It has empowered them to issue instantly verifiable credentials and transform the process of certifying credentials. It has made it easier to issue student transcripts and other official documents within days instead of six months.

Also, this transformation is responsible for more than 2,000 percent growth in internally generated revenue at these universities. Alitheia’s investment in Seamfix will ensure the company does more and positively impacts the economic status of the continent.

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