Seamfix, a global digital identity solutions provider, has secured $4.5 million from Alitheia IDF, a gender lens investing fund, in a private equity funding round to scale the technology infrastructure that underpins its solutions, improve data flow crucial for continental trade and integration, and kick-start the expansion of its digital ID and credential services into five new African countries.
Starting in Nigeria, Seamfix provides identity creation, verification and transaction accreditation solutions for large organizations and government agencies across multiple African countries. The new funding represents Seamfix’s first institutional investment, and it will enable the company to expand its services to Ghana, Kenya, South Africa, Ethiopia, and Uganda.
Digital ID and verification systems are crucial to unlocking significant economic value across Africa’s growing and increasingly digital societies. From financial participation and efficiency in government services to public health and job creation, digital ID and verification systems are a fundamental driver of economic growth on the continent. A recent report suggested that African countries that implement effective digital ID systems can boost their GDP by up to 13 percent.
Since the company was founded by Chimezie Emewulu and Chibuzor Onwurah, Seamfix has been at the cutting edge of delivering end-to-end digital ID and credentials solutions for connecting businesses and individuals to the disparate identity databases in Africa and across the world. The company has delivered a wide range of solutions for organizations such as Veremark, Nigeria’s National Identity Management Commission [NIMC], telcos (MTN, Glo, Airtel and 9 Mobile), financial institutions (United Bank for Africa, Interswitch and Union Bank) and more, enabling them and their customers globally to seamlessly create, verify and access trusted digital identities and services.
Seamfix’s key achievements include the successful development of a digital solution enabling widespread access to National Identification Numbers (NINs) for more than 100 million Nigerians. Seamfix also supported Nigerian telecommunications services providers, to register and verify a database of over 200 million Subscriber Identification Modules (SIMs) to comply with Nigerian Communications Commission 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.
Seamfix’s digital credential platform has also transformed the credential issuance and certification process for multiple universities across Africa, powering them to issue instantly verifiable credentials and transforming the process of certifying credentials such as student transcripts and other official documents from over 6 months to a matter of days. This transformation has also been responsible for more than 2,000 per cent growth in internally generated revenue at these universities.
Chimezie Emewulu, Group CEO, and co-founder of Seamfix, said “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. 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. This investment not only validates our vision but 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.”
Seamfix is also proud to welcome two new board members – Tokunboh Ishmael and Frank Atube. Tokunboh is the Co-founder and Principal Partner of Alitheia Capital and a global voice for wealth creation and transformational impact. Frank Atube is a transformational change leader with a decade of success in orchestrating strategic initiatives across a variety of sectors. Frank has experience in leading cross functional teams across Project & Product Management, Business Analysis, Sales & Marketing, Customer experience and Engineering. He has functioned in many capacities in Seamfix including Head of Product Management, Head of Growth and most recently Chief Operating Officer. Frank has been critical to the successes Seamfix has recorded especially in terms of growth in revenue, profitability and customer acquisition.
Tokunboh Ishmael, Principal Partner, Alitheia IDF, said “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. According to a recent McKinsey report, such access can result in the unlocking of up to 70% of an economy’s full economic potential and an additional 6% of GDP. This is particularly pertinent, when you consider that studies show that low-income women in emerging economies are less likely to have a digital ID, which further hinders their ability to participate in economic value creation and access opportunities. With this investment Alitheia IDF is working with Seamfix to amplify its work in enabling millions of women to participate in the African economy and reach their full potential by providing crucial identification services and empowering businesses across the continent to scale”
About Seamfix
Seamfix is a global digital identity solutions provider that provides identity management, data capture and process automation solutions for large businesses and government agencies across the world. By leveraging technology to make digital identity easy, Seamfix helps thousands of businesses around the world offer better services to millions of end customers.
About Alitheia IDF
Alitheia IDF (AIF) is a pioneering USD 100 million gender-lens fund that identifies, invests in, and grows SMEs led by gender-diverse teams in 6 African countries: Nigeria, South Africa, Ghana, Lesotho, Zimbabwe, and Zambia.
As Africa’s first women-focused and women-led private equity fund, managed by Alitheia Capital (Lagos, Nigeria) and IDF Capital (Johannesburg, South Africa), AIF adopts a proactive approach to investing in and supporting women-led or women-serving SMEs to achieve solid financial returns and tangible social impact for communities in Africa. AIF is committed to advancing gender equality by capitalizing on diversity and inclusion as an opportunity for driving better performance and superior return. The fund invests in businesses that engage a significant percentage of women, either as entrepreneurs, producers, distributors or consumers. Some of the sectors in focus are: Agribusiness, Consumer Goods, Health, Education, Creative Industries, and Financial and Business services.
For more information, please visit: www.alitheiaidf.com
