South African digital identity platform Contactable recently announced it raised $13.5 million to expand its digital ID and onboarding services throughout Africa.
Venture Capitalworks led the investment round, including Fireball Capital, Ke Nako Capital, and Mavovo.
This investment is intended to support Africa’s digital identity infrastructure in light of the growing need for safe and authenticated identity solutions.
Expanding digital identity solutions across Africa
Contactable’s CEO and founder, Shaun Strydom, emphasised that this investment is key to democratising digital identity on the continent.
The company’s integrated platform streamlines customer onboarding, identity verification, fraud reduction, and regulatory compliance for sectors like finance, telecoms, insurance, and retail.
Strydom highlighted, “This investment allows us to strengthen our platform and scale with our customers, while building the digital identity infrastructure that supports Africa’s growing digital economy.”
The firm also plans to innovate in AI, self-sovereign identity, and payment integration as part of its expansion efforts.
The role of strategic partnerships and market Impact
Venture Capitalworks’ Managing Partner Brent Shahim pointed out that digital identity fuels financial inclusion and digital transformation in Africa.
He said, “Our strategy is to partner with proven leaders like Shaun and his team, bringing, beyond capital, the operational commitment to accelerate their growth.”
Contactable works with firms like Regula and ID Secure to fight fraud, making its platform crucial to digital transaction security throughout the continent.
Contactable, founded in 2012, targets Africa’s massive digital ID market, expected to reach $3.4 billion by 2028.
This latest funding marks a significant step in scaling trusted digital identity solutions vital for Africa’s economic and technological development.