Laboremus Uganda has raised funding from DOB Equity and FCA Investments, seeking to expand its platform in Uganda and other neighboring markets.
Laboremus is a B2B fintech that enables onboarding at scale, whose platform helps banks and fintechs to verify their customers’ identities and onboard them as customers. This removes one of the key hurdles in providing access to credit for consumers in Sub-Saharan Africa.
Laboremus’ solution combines Know Your Customer (KYC) data, Anti Money Laundering checks, and customer interaction for onboarding. Its current clients include Standard Chartered, Equity Bank, dfcu Bank, and Wave.
The investment from DOB and FCAI will enable the startup to expand its product offerings by adding new channels and verification services, including:
- ID verification using the government ID registry, including biometric capabilities
- Customer KYC verification/AML screening against various government registries, including business name, phone numbers, land titles etc.
- Extensive KYC data capture for account opening through WhatsApp, mobile app and USSD.
“By helping banks and B2C-fintechs onboard their customers at a superior client acquisition cost, Laboremus will achieve its mission of helping financial institutions to provide banking to anyone, anywhere.” Marius Koestler, Co-Founder and Chairman of the board said.
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