Nigerian mobile security startup i.Sec nabs $10M in funding

March 15
8:52 AM 2014

Nigerian financial security startup i.Sec announced on its website that it has raised $10 million in a recent funding round from Synergy Capital. The financial terms of the investment deal were not disclosed, according to VentureBurn.

At present, the startup is still in stealth mode but is gearing up for a public launch this May, the report added.

i.Sec wants to become Africa's top mobile consumer software firm by 2020. Its financial security app protects users from malicious debits by providing real-time options for approving, declining, or reporting transactions, the report explained.

According to i.Sec, technologies from outside of Africa are usually not compatible with the continent's market. The startup solves this problem by creating a system that can customize these technologies and turn them into something that Africa can adapt, the report detailed.

Synergy Capital is an investment fund that provides growth capital for startups in Nigeria and Ghana, VentureBurn reported.

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