17-year-old identification solutions startup Seamfix 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.
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“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.
He also opened up about the identity problem in Africa, which came to light after Seamfix was involved in a client project that involved building a solution that allowed university students to take exams online.
“We implemented a biometric system that took pictures and fingerprint data. Anytime the students show up again under capture, the fingerprint system will generate evidence that this person has come before,” he said. After initial success with the identity verification solution, Seamfix partnered with 9 Mobile to register its customers.
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