Seamfix Secures $4.5 M in Funding to Fuel Expansion Outside Nigeria

Seamfix, a leading identity solutions provider with a 17-year track record, has announced a significant milestone in securing $4.5 million from Alitheia IDF, marking its first funding round with an institutional investor. This strategic investment will support Seamfix’s expansion into key African markets, including Ghana, Kenya, and South Africa.

Chimezie Emewulu, Seamfix’s Co-Founder and CEO, commented on the development: “While we have witnessed consistent growth in Naira, our revenue in dollar terms has seen a decline due to the currency’s fluctuations. This expansion is our strategic response to mitigate these effects and to capitalize on the growing demand for robust digital identity solutions in Africa.”

Founded in 2005 by Chimezie Emewulu and Chibuzor Onwurah, Seamfix has become a pivotal player in the African technology landscape, providing digital identities and verification for large organizations and governments. Its services are crucial in regions where over 542 million people lack official identification, a challenge that, if solved, could boost GDP growth by up to 7%.

The new funding will also be channeled towards developing a Pan-African identity switch that will facilitate cross-border identity verification, reinforcing the company’s commitment to solving complex identity challenges across the continent.

Seamfix’s existing operations span Uganda, Côte d’Ivoire, and Ethiopia, with strategic partnerships extending its reach to nations hosting the MTN group. The company’s robust solutions have supported over 100 million Nigerians in obtaining national identification numbers and assisted telecom companies in regulatory compliance by registering 200 million customers.

This funding round not only enhances Seamfix’s capability to drive growth but also strengthens its governance as Tokunboh Ishmael, Co-Founder and Principal Partner at Alitheia Capital, and Frank Atube, COO of Seamfix, join the board of directors.

Source: https://techcabal.com/2024/05/07/seamfix-raises-4-million/