# VerifyMe Nigeria

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/verifyme-nigeria

- Industry: Software
- Headquarters: Lagos, Nigeria
- Website: www.verifyme.ng
- Latest round: Series A (Jan 20, 2020)
- Investors on record: 1

## About

VerifyMe Nigeria is a technology company specializing in identity verification and risk management solutions, offering advanced tools that streamline the verification process for businesses across various sectors.Founded in 2013 and headquartered in Lagos, Nigeria, VerifyMe Nigeria provides identity verification solutions. The company was established by Esigie Aguele, who also serves as the CEO. VerifyMe has made a significant pivot towards enhancing remote verification solutions, particularly with its offerings for KYC compliance. The company's most recent funding was a Series A round in January 2020, led by Consonance Investment Managers.VerifyMe Nigeria focuses on providing advanced solutions for identity verification and risk management, primarily through its flagship products, Pluto and QoreID. Pluto serves as a comprehensive background check solution, allowing businesses to conduct remote verifications of candidates without the need for in-person appointments. It integrates ID verification with facial recognition technology, ensuring that the individual being verified is indeed who they claim to be. QoreID complements Pluto by streamlining Know Your Customer (KYC) compliance processes, allowing businesses to centralize their verification efforts and design customized workflows for their applications. Both products cater to a diverse client base across various industries, including financial services, e-commerce, and human resources, and have been deployed in markets such as Nigeria and other African nations.VerifyMe Nigeria generates revenue through subscription-based models and transactional partnerships with businesses seeking robust verification solutions. Clients engage with VerifyMe's services primarily on a B2B basis, leveraging products like Pluto and QoreID to enhance their hiring and compliance frameworks. The transaction structure typically involves organizations subscribing to these services for ongoing verification needs or integrating solutions via QoreID's customizable API. This model allows clients to optimize their verification processes while minimizing operational complexities and costs. VerifyMe serves over 10,000 clients who utilize these verification products to ensure compliance and security within their organizations.VerifyMe Nigeria is focusing on expanding its product line and geographical reach. The company plans to launch new features for Pluto and QoreID that enhance user experience and compliance capabilities, with an anticipated release in 2021. Additionally, VerifyMe aims to penetrate new markets in West Africa, particularly targeting Ghana and Kenya by 2022. The funds raised in the Series A round will be utilized to support these initiatives, including product development and market entry strategies.

## Funding rounds

- Series A, Jan 20, 2020 — Consonance Investment Managers

## Investors

- Consonance Investment Managers (https://capitalatlas.ai/funds/consonance-investment-managers) — Series A