[Nigeria] Prembly acquires data sharing firm Tunnel

Prembly, which bills itself as a leading compliance and security infrastructure company in Africa has announced its acquisition of secure data sharing company Tunnel.

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.

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.

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