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.