VerifyMe records over 1,000% growth in Q3, plans expansion

Open finance infrastructure startup, VerifyMe Nigeria, has announced over 1,000 per cent growth from 2020 to 2021 and has achieved a minimum of 40% month-on-month growth in revenue for 2021.

Since Q4 2020, the firm disclosed that it had also gone from supporting just 1,500 daily transactions to up to 25,000 transactions a day; in the process enabling Nigerians to easily open bank accounts, access life insurance, car insurance, loans, and get verified for services easily.

In a statement by co-founder and Chief Executive Officer, VerifyMe, Esigie Aguele, he said, “This impressive growth trajectory is mainly driven by our first-mover advantage in building an infrastructure that makes it easy for people to include themselves in society and open accounts, access insurance, or get microcredit. Our APIs enable scale in open finance and the B2C services industry by providing access to trusted customers.

“Even with the COVID-19 pandemic last year and a general slowing of the national economy, the numbers indicate a positive outlook for VerifyMe.” Aguele said the company had remained focused on its mission to deliver trust for the ever-evolving African digital economy.

“To date, 206 service providers across the country have integrated with our APIs, with over 150 acquired customers in integration and about 22 new service providers integrating with our APIs monthly. COVID-19 drove some of the accelerated growth, as the need for remote identity and authentication services became an industry priority. Our APIs provide access to trusted identities and authentication, and link customer information to tiered alternative and traditional data for assessment. We continue to generate strong revenue and expect to be profitable by the end of 2022, with over $3m projected in actual revenue,” he said.

Speaking on the next phase for the business, Aguele disclosed that plans were already underway to expand VerifyMe’s product offerings and deepen partnerships across the country. He added that the firm also had plans afoot to power open finance regionally, through expansion.

He stated, “We are looking to help drive compliance in our industry, as well as join others to influence data standardization across the region.”

VerifyMe currently has a diversified portfolio with 16 commercial banks, 30 microfinance banks, 7 digital banks, over 50 credit lenders, and 12 of the top 15 insurance companies using its infrastructure to establish trust with their customers to give them services.

Since its entry into the market, the company’s interventions has lowered transaction costs for customers by leveraging technology and supporting the ecosystem with solutions that integrate real-time and hybrid products to support any last mile verifications to meet fintech, open finance, and insurance compliance requirements.