Laboremus Uganda, a Ugandan fintech that helps banks and fintechs verify customers identity and process loans has secured an undisclosed amount in funding.
This new investment will be used to expand its operations in Uganda and other neighbouring markets.
Investments in this round came from DOB Equity and FCA Investments, both leading impact investors.
Founded in 2013 by Timothy Musoke and Marius Koestler , Laboremus tackles the problem of structural inefficiencies in providing access to finance in Africa.
Laboremus is Software-as-a-Service platform enabling the onboarding of customers at a scale by facilitating the verification of customers. The business-to-customer startup provides access to the data and tools financial service providers need to process loans and credit faster and cheaper.
The startup provides digital tools to help banks and fintechs collect, verify and analyse customer data, so they can provide financial services to anyone, anywhere.
Embedded within Laboremus’ solutions are digital features including Know Your Customer (KYC) data, Anti Money Laundering checks, and customer interaction for onboarding.
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.
Laboremus currently has Standard Chartered, Equity Bank, dfcu Bank, and Wave as clients.
Marius Koestler, Co-Founder of Laboremus said, “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. Laboremus solves both issues,” he said
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,” he added.
