Seamfix gets $4.5 million first institutional funding

The rise of digital ID and verification systems in Africa is pivotal when it comes to modernizing economic activities. Enabling secure and reliable identification of individuals and entities cornerstones various aspects of economic development.

On this basis, Seamfix, a global digital identity solutions provider with more than a decade's worth of stronghold in Nigeria, has secured $4.5 million in private equity from Alitheia IDF, a gender lens investing fund. This marks the 17-year-old firm's first institutional investment. 

Seamfix will use the funding to scale the underlying tech infrastructure of its solutions, improve data flow for continental trade and integration, and start its pan-African expansion with five new market entries. The company has Ghana, Kenya, South Africa, Ethiopia, and Uganda on its radar. 

Across the region, where hundreds of millions of people yet face challenges with financial inclusion, access to public services, and overall economic empowerment, digital ID systems are a viable way to address these issues. Seamfix provides identity creation, verification, and transaction accreditation solutions for large organizations and government agencies. 

In his comment on the milestone, Chimezie Emewulu, Seamfix's Group CEO and co-founder pointed to digital identity being a right, not a privilege. According to him, the belief underpins the firm's innovation and commitment to enabling individuals and businesses to access the benefits of 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," Emewulu added. 

On his part, Tokunboh Ishmael, Principal Partner, Alitheia IDF, cites a McKinsey report that says inclusion and access to opportunities can unlock 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, Ishmael said. 

"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,” he said.