Identification solutions startup Seamfix, which provides identity creation, verification, and transaction accreditation solutions for large organisations and government agencies, operates primarily, has raised $4.5 million from its first institutional investor, Alitheia IDF, in order to grow its operations outside of Nigeria.
This was made known by Chimezie Emewulu, the company’s co-founder and CEO, who said that Seamfix has decided to start expanding to other countries so that it can earn more in forex.
He also mentioned that the naira’s volatility had an effect on the company’s sales growth in dollars; therefore, it raised funds to expand into more stable African markets.
“From a naira perspective, we see that we are growing year over year, but from a dollar perspective, we’re going backwards. That’s why we deliberately decided to start expanding to other countries so that we could earn more in forex,” Emewelu said.
In a statement, Tokunboh Ishmael, Principal Partner at Alitheia IDF, pointed out that digital IDs are key to accessing opportunities today and could unlock up to 70% of a country’s economic potential. Ishmael will join the Seamfix board along with Frank Atube, Chief Operating Officer at Seamfix.
“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,” Ishmael said.
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