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Seamfix Secures $4.5 Million to Scale Biometric Identity Solutions

Digital identity provider Seamfix has secured $4.5 million in funding from Alitheia IDF to scale its credential verification technology and expand biometric security operations across the continent.

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Lemina News
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PublishedMay 30, 2024
Read time3 min read
LS coverage1 companies
Funding•May 30, 2024

Lagos, Nigeria — Digital identity provider Seamfix has secured $4.5 million in funding from Alitheia IDF to scale its credential verification technology and expand biometric security operations across Africa. The investment will accelerate their technology rollouts in key regional hubs.

Seamfix's identity verification platform helps businesses, banks, and telecom providers onboard customers securely through biometric verification, KYC checks, and automated digital credential tracking. The company monetizes via transaction-based API fees from enterprise customers.

The capital will be used to scale Seamfix's identity verification platform and support its ePass passport renewal platform. Additionally, the company is expanding its operations in East and Southern Africa, riding on the rising demands for public digital trust frameworks.

Seamfix has verified over 100 million identities for major corporate clients, including MTN, Airtel, and various national governments. The funding will support expansion into East and Southern African markets as demands for digital public infrastructure (DPI) surge, placing them in direct competition with providers like Smile ID.

The $4.5 million raise from Alitheia IDF emphasizes the growing critical value of secure digital public infrastructure (DPI) in Africa. As fraud rates spike and regulators tighten KYC compliance, institutions are desperate for automated, high-fidelity verification tools. Seamfix’s enterprise relationships across telecom and banking position it as the premier toll-gate for identity verification, a utility-like business model with extremely sticky revenue. Investors should recognize that digital identity is the infrastructure bottleneck that unlocks all other digital finance sectors.

Source: seamfix.com
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