Seamfix, an established identity solutions firm with 17 years of experience, has secured $4.5 million in funding from Alitheia IDF, its inaugural institutional investor, to drive expansion beyond Nigeria.
Chimezie Emewulu, the co-founder and CEO of Seamfix, shared with TechCabal that the funding will facilitate the company’s entrance into more stable African markets, aiming to counter the impact of currency fluctuations on revenue growth. The expansion targets Ghana, Kenya, and South Africa.
“Despite consistent growth in local currency, our dollar earnings have declined. Hence, our strategic move to diversify into other markets to enhance foreign exchange earnings,” Emewulu explained.
Seamfix specializes in digital identity creation and verification for major organisations and governments across Africa. With a presence in Uganda, Cote d’Ivoire, and Ethiopia, the company collaborates with the MTN group to offer identity solutions in MTN’s operational territories.
The funding will also fuel the creation of a pan-African identity switch, enabling seamless cross-border identity verification on the continent. Since its inception, Seamfix has played a pivotal role in Nigeria’s identity landscape, working with institutions like the National Identity Management Commission (NIMC), telcos such as MTN, Glo, and Airtel, as well as leading financial entities like United Bank for Africa, Interswitch, and Union Bank.
Revenue streams for Seamfix include solution sales to organizations, identity verification fees, annual licenses for database access, and API call charges, having processed over 500 million identities to date. Founded by Chimezie Emewulu and Chibuzor Onwurah, Seamfix evolved from custom workflow digitization to identity management solutions in 2015, catalyzed by experiences in digital exams security for universities and subsequent partnerships with telecom giants like 9 Mobile and regulatory compliance support for MTN Nigeria.
The strategic partnership with Alitheia Capital, represented by Tokunboh Ishmael, and the addition of Frank Atube, Seamfix’s COO, to the board, signal a new chapter in the company’s growth trajectory.
