Prembly, a top Nigerian compliance and security infrastructure company for emerging markets, announced on Monday that it had bought Tunnel, a company that helps businesses share legal data with each other.
This smart purchase adds to the wide range of security options that Prembly already offers. It also fits with the company’s goal of expanding its financial services by making it easy to check someone’s name by integrating all of their financial data.
Identity identification has always been based on how important financial information is. By adding Tunnel’s services to Prembly, the goal is to give companies a powerful tool for scaling by giving them access to real-time customer information from different sources through a single API.
Tunnel lets regulated providers access, use, and share useful data by connecting lenders to high-quality data and stable technology. In turn, this makes it easy for customers to use a wide range of banking services.
Lanre Ogungbe, CEO of Prembly, said this about the acquisition:
We know that each market has its own problems, and we’re excited to say that we’ve bought Tunnel. This fits with Prembly’s main goal, which is to protect businesses and help them grow by giving them strong security and safety infrastructure.
This is also a big step in the company’s growth, and it shows how committed it is to building strategic partnerships and collaborations to grow its service offerings. PhoneCash, a first-of-its-kind fintech product from Prembly, has helped change the way customers send and receive money, making payments quick and easy.
With this purchase, the business will change in a big way, creating an environment that will make it easier to share data and reduce risks through better customer verification.
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About the Tunnel and Prembly acquisition plan
Tunnel’s Co-Founder and CEO, Tobi Okedeji, said, “We are happy to join forces with Prembly as we combine our solutions into a large compliance and security network. This purchase is part of an effort to give businesses more power, especially by giving them useful customer information and insights.”
Tobi Okedeji, Yusuf Badmos, and Ibraheem Lanre started Tunnel (Usetunnel Limited). This creative company focuses on data analytics and infrastructure. Their main goal is to make it easier for businesses to share legal data.
On the other hand, Prembly gives companies in more than 40 African countries a safe place to do business that they can trust. It also makes sure that businesses that want to sell in Africa can do so safely.
The two companies will work together to provide more services, which will benefit both businesses and customers.
About Prembly
Prembly, a Nigerian startup known for its Y Combinator-selected product Identitypass, is making big strides in the African startup space as it looks to spread its services to new and emerging markets.
Since it was founded in 2021, the company has built a strong name by making security products that meet the needs of businesses in emerging markets.
Prembly recently changed its focus to include things other than KYC, fingerprints, and data verification. This is because the company has noticed that more and more people want better digital security services.