Laboremus Uganda, which builds a selection of financial technology tools for companies in East Africa, has reportedly received funding.
The capital injection was supplied by DOB Equity and FCA Investments, according to a report from FinTech & Finance News.
With the capital injection, the company plans to add new channels and verification services, including ID verification, customer KYC verification, KYC data capture for account opening and more.
Laboremus Uganda provides banks and FinTechs with the digital tools to collect, verify and analyse customer data so they can provide financial services to anyone.
Laboremus Uganda founder Marius Koestler told FinTech & Finance News, “African banks are the least efficient globally and struggle to offer cost-effective services to most of the continent’s population. Meanwhile, new entrants, such as FinTechs, struggle to scale due to a lack of access to know your customer data and the right technology to onboard potential customers at scale.”
Its product suite includes identity verification, identity onboarding online signatures and credit processing.
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