RegTech
firm Muinmos has acquired an equity stake in Africa Due Diligence (ADD) as part
of a partnership aimed at enhancing compliance capabilities in African
financial markets. The collaboration will integrate Muinmos’ onboarding
technology and KYC solutions into ADD’s verification platform.

Muinmos Takes Stake in
Africa Due Diligence

ADD, the
UK-based company providing AI-powered due diligence across 54 African
countries, launched four weeks ago and reports having verified over 1,000
African nationals. The platform performs KYC checks on investors while also
conducting due diligence on African financial institutions.

According
to McKinsey analysts, the African market represents potential revenue of
approximately $230 billion in 2025. ADD’s platform is designed to help foreign
investors and businesses access this market by providing reliable intelligence
and verification services.

“Africa
is a hugely untapped market for brokers and other financial institutions, and
KYC is one of the first areas that needs to be addressed in order to open up
opportunities for them,” said Remonda Kirketerp-Møller, Founder and CEO at
Muinmos. “ADD
solves this by providing a frame of trust which allows both investors and
financial institutions to safely interact.”

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Verification Challenges in
African Markets

The
partnership addresses specific verification obstacles in African markets, where
traditional KYC processes often face limitations. ADD reports that its system
can verify 65% more clients compared to current market standards in Africa.

“Businesses
and investors struggle with fulfilling KYC requirements in Africa, which differ
country to country, institution to institution, as well as with
regulators,” said Joe Tom Nyama, Founder and CEO of ADD.

“Our
mission is to transform due diligence in Africa, fostering safer and more
trusted international business transactions and driving market participation
across the continent.”

Nyama, a
software engineer and financial analyst, founded ADD based on his experience
running a financial institution in Africa. The platform also offers
verification services for businesses seeking to validate potential African
employees.

Technology Integration

Muinmos’
automated verification technology performs KYC checks including PEP and
sanctions screening, adverse media monitoring, digital identity document
verification, and liveness checks. The system screens against over 1,400
databases to monitor for regulatory compliance.

African
financial institutions undergo verification through ADD’s network of experts in
legal, financial, and operational vetting, who confirm business registrations,
legal standing, and financial health.

Nyama added
that the partnership with Muinmos “brings significant credibility to our
business, providing us with the ability to deliver an elite customer experience
and uncompromising compliance.”

Hiring Spree

The Danish regulatory technology
firm has appointed Michael Thirer as its Chief Legal Officer, adding him to the
company’s management team. The move, first reported by Finance Magnates,
comes four years after Thirer joined the firm as Commercial Director. In late
2022, he was promoted to oversee legal, governance, and regulatory affairs—the
first role of its kind at Muinmos.

Alongside the leadership shift,
Muinmos has formed a four-member Advisory Board, bringing in executives with
expertise in financial services and technology. Sander Daniels, who previously
built a Big Data platform acquired by JPMorgan and held senior roles at
Salesforce’s Financial Services division, has been named Chair.

The company has also expanded
its global footprint, appointing Nadeem Sa’adeh as Regional Business
Development Director for the Middle East in December 2024—its first strategic
hire in the region.