Source: Eberechukwu Etike/ Technext

Prembly, a leading compliance and security infrastructure company catering to emerging markets, on Monday, unveiled its acquisition of Tunnel, a company that facilitates legitimate data sharing among businesses.

This strategic acquisition serves to bolster Prembly’s already extensive array of security solutions. It also aligns with the company’s vision of broadening its financial services offerings by delivering dependable identity verification through the seamless integration of comprehensive financial data.

The significance of financial data has been a fundamental element of identity verification. The incorporation of Tunnel’s services for Prembly hopes to equip businesses with a potent tool for scaling, granting them access to real-time customer information from various sources via a unified API.

By connecting lenders with high-quality data and sustainable technology, Tunnel enables regulated providers to access, utilize, and share valuable data. This, in turn, empowers customers to engage with a wide range of financial solutions seamlessly.

Speaking on the acquisition, Lanre Ogungbe, CEO of Prembly said:

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.

This also marks a milestone in the company’s growth and underscores its strong dedication to fostering strategic collaborations and partnerships to expand service offerings. One of Prembly’s pioneering fintech products, PhoneCash, has been instrumental in revolutionizing money transfers for customers, ensuring swift and efficient transactions.

With this acquisition, the operation will undergo a significant transformation, resulting in an ecosystem poised to improve data sharing and mitigate risks through enhanced customer verification.

Prembly acquires Tunnel to expand financial data capabilities across Emerging Markets

Speaking on this, Co-founder and CEO, Tobi Okedeji of Tunnel, said, “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.”

Tunnel (Usetunnel Limited) was founded by Tobi Okedeji, Yusuf Badmos, and Ibraheem Lanre. This innovative company specializes in data analytics and infrastructure, with a primary goal of facilitating legitimate data sharing among businesses.

On the other hand, Prembly provides a trustworthy platform for businesses in more than 40 African countries to conduct transactions with confidence. It also ensures that companies seeking to enter African markets can do so securely.

The collaboration is expected to result in an expansion of their service offerings, benefiting businesses and customers alike.

Source: Eberechukwu Etike/ Technext