Nigerian startup VerifyMe, which offers customers such as banks and retailers access to trusted KYC data via API and portal, is expanding into new markets after raising Series A funding a year ago.
In 2011, Olutunji Oluwole hired a cook, who poisoned him and his entire family, robbing their home. A few weeks later, this “cook” assumed another identity and infiltrated another household in the same estate to commit the same crime.
“At the time, it was easy to change identities because the systems in place had not linked IDs to biometrics. The criminal’s plans were foiled by Olutunji and…
More fintech, Chinese investment, gig-economy platforms, and creative industry companies are among the trends to watch in 2020
African venture capital had another blockbuster year in 2019, investing $1.27 billion in identified deals. There was plenty of action throughout the year from the emergence of new unicornsto mobility apps battling for market share and funding. While 2020 will bring new challenges and success stories, four trends are likely to define the African VC space: the continued dominance of fintech investments, the growing role of Chinese venture, the growth of gig economy platforms, and the imminent take-off of African creative industries.
African fintech continued its domination of venture funding in 2019, receiving more capital than any other sector. The…
More fintech, Chinese investment, gig-economy platforms, and creative industry companies are among the trends to watch in 2020
African venture capital had another blockbuster year in 2019, investing $1.27 billion in identified deals. There was plenty of action throughout the year from the emergence of new unicornsto mobility apps battling for market share and funding. While 2020 will bring new challenges and success stories, four trends are likely to define the African VC space: the continued dominance of fintech investments, the growing role of Chinese venture, the growth of gig economy platforms, and the imminent take-off of African creative industries.
African fintech continued its domination of venture funding in 2019, receiving more capital than any other sector. The…
Don’t forget the creative industries in the race to unlock the growth and jobs Africa needs.
When African politicians hit the campaign trail, job creation is often on their lips. In 2020, a number of important elections, notably in Ghana and Côte d’Ivoire, will prompt big promises of jobs. This reflects the urgent need for job creation across the continent. If high levels of joblessness weren’t concerning enough, a surge in Africa’s working-age population — expected to reach 1 billion by 2030 — will require job creation at a historically unprecedented scale. …
ABUJA 15 January 2020
VerifyMe Nigeria, an ID verification and KYC technology company, announced today it has secured a Series A financing for an undisclosed amount from Consonance Investment Managers.
The funds will be used to expand strategic partnerships and bring new digital ID verification products to market.
“We are delighted to partner with Consonance Investment Managers in our mission to build Africa’s KYC infrastructure. Digital services are a key catalyst for Africa’s economic growth and financial inclusion, but they can only be unlocked if there’s a mechanism to verify identity at scale. We strive to transform the digital landscape by providing…
Mobolaji Adeoye, (28th November 2019). Personal Interview with www.howwemadeitinafrica.com
1. Explain your firm’s investment philosophy.
We invest in tech-enabled companies that foster collaboration and trust in industries across sub-Saharan Africa. Most industry value chains are informal, unstructured and fragmented on the continent. We look to back companies that act like marketplaces and empower industry players — regulators, buyers, sellers, etc — to transact and collaborate freely.
These tech-enabled businesses — they’re akin to infrastructure in our opinion — are powerful in that they can attract global capital into African markets and unleash economic growth. For example, Pezesha, a Kenya-based fintech, has created a holistic financial marketplace…
Africa’s continued growth depends on innovations in access to finance
As the global economy undergoes rapid technological change, leaders worldwide are deeply worried about the future of jobs. The use of Artificial Intelligence (AI), machine learning, and robotics will spur automation across industries and could undermine job creation at a mass scale. But African countries face a particularly daunting challenge: within the next two decades the continent will be home to nearly 1 billion working-age people entering the job market.
Unleashing private sector growth in African countries is critical to creating jobs at scale to employ the next wave of…
Perhaps you’ve just made the huge transition from employee to business owner. Or, maybe it’s a choice you’re considering, but you have no idea how to go about it or what it entails.
Whatever category you fall under, first, congratulations! You’ve made it this far. That’s a lot further than most.
A lot of people dream of starting a business, going international, growing, scaling, and so forth. Still, they never quite leave that stage of dreaming. Yes, you should dream. In fact, dream BIG. However, you also need to think deep, and proceed to start. …
