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Prembly, a leading compliance and security infrastructure company for emerging markets, has announced its acquisition of Tunnel, an innovative company that empowers legitimate data sharing across businesses. This acquisition enhances Prembly’s suite of security solutions and expands its financial services capabilities, providing reliable identity verification through the integration of comprehensive financial data.
The data infrastructure and analytics company, Tunnel, has established itself as a trusted partner in the credit and identity industry by connecting lenders to high-quality data and sustainable technology. Its pioneering fintech product, PhoneCash, also helps customers send money as quickly as possible. The integration of Tunnel’s services provides businesses with a powerful tool to scale, enabling access to real-time customer information from multiple sources through a single API.
Recognizing the importance of financial data as a crucial component of identity verification, Prembly has strategically chosen to merge Tunnel into its existing identity verification solutions. “We understand the unique challenges faced across the markets and we are thrilled to announce the acquisition of Tunnel. This aligns with Prembly’s core mission to protect and enable businesses to thrive by providing robust compliance and security infrastructure.”, says Lanre Ogungbe, CEO Prembly.
(L-R: Lanre Ogungbe, CEO Prembly, Niyi Adegboye, COO Prembly, Lanre Ibraheem, cofounder Tunnel, Yusuf Badmos, cofounder Tunnel, Kayode Olayiwola, Head of Engineering, Prembly and Tobi Okedeji, CEO and cofounder Tunnel)
Tunnel was built to make data available for regulated providers to access, use and share, allowing customers to interact with multiple streams of financial solutions. Tunnel’s co-founder & CEO, Tobi Okedeji, commented, “We are proud to join forces with Prembly, as we merge our solutions into an extensive compliance and security network. This acquisition marks a drive towards empowering businesses, particularly with actionable customer information and insights.”
This makes a significant difference in Prembly’s operations, creating an ecosystem poised to improve data sharing and mitigate risks with customer verification. It represents a milestone in the company’s growth and reinforces a strong dedication to fostering strategic collaborations and partnerships to expand service offerings.
About Prembly:
Prembly is a compliance and security infrastructure company, innovating crucial infrastructure needed to enhance digital integration across Africa. Leading the way in identity verification, fraud prevention/detection, and background checks, Prembly enables businesses in over 40 African countries to transact with trust and companies seeking to enter African markets to do so securely.
About Tunnel:
Tunnel (Usetunnel Limited) is founded by Tobi Okedeji, Yusuf Badmos, and Ibraheem Lanre. It is a data analytics and infrastructure company focused on empowering legitimate data sharing across businesses. With its expertise in connecting multiple data lending services and powering financial data, Tunnel has become a trusted partner in the financial service industry.
For media enquiries:
Temi Faseyide
temi@beaninsider.com
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