Fintech startup Laboremus Uganda receives further funding from European investors
41+ financial institutions in Africa already rely on Laboremus' digital KYC and identity verification solution. To accelerate the adoption of this powerful digital KYC infrastructure and help financial institutions fight fraud, Laboremus has raised further funding from existing investor FCA Investments and one other investor.
Laboremus Uganda has built the most powerful KYC platform for banks and fintech companies in Africa. Laboremus helps financial institutions onboard customers in minutes by automating KYC checks and digitally establishing customer identity. Laboremus helps banks, fintechs, insurance companies and credit providers streamline operations and reduce the risk of financial fraud.
This new funding strengthens Laboremus’ resolve and builds momentum from previous funding rounds. Laboremus will use these funds to expand its reach across Uganda and Africa.
Timothy Musoke, CEO and Co-Founder of Laboremus says:
“Speed and operational efficiency will differentiate the financial leaders of tomorrow from the followers. Laboremus is poised to help our customers lead this wave of digital transformation in Africa.”
Marius Koestler, Co-Founder and Chairman of the board explained:
“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. 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.”
Timothy Musoke added:
“I am super proud of our team today. Our guiding principle since the beginning has been that Africans can make exceptional technology for Africa – in any sector. Our competition has always come from abroad and we have proven that it is not only possible but preferable to get your IT services locally. FCAI will allow us to scale up and offer our services to more banks and financial institutions, both in Uganda and the region.”
Emmanuel Obwori, COO of FCA Investments added:
"Our follow-on Investment in Laboremus is a vote of confidence in the team and allows the business to accelerate the adoption of its Streamline Platform providing seamless and robust digital KYC to banks and fintechs in Uganda and across the region. This Investment continues FCA Investment’s effort to provide tailored long-term finance to innovative enterprises with disproportionately high impact across the region."