Paris-based Neobank Eversend chooses Mati to verify customers at onboarding and unlock growth opportunities on the African continent

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Eversend is the type of business you’re thrilled to discover!

The company defies all the stereotypes you may have about startups. First, two of the founders are Ugandan men, and the third is an American woman. Second, the company did not get attention from the media because it raised an absurd amount of money from US investors. But by raising almost 1 million euros via crowdfunding. Even more exceptional; they achieved their fundraising goal in just 2 days and collected €899,930 from 995 investors in the days following! 

That’s not the only intriguing fact about Eversend, though! Its mission is also one of the most interesting ones we have come across. The company aims to bring banking to the African continent and its diaspora, as 66% of the continent is currently unbanked. To do so, the team behind Eversend has been challenging the concept of neobank. This in order to include as many services as possible, just like a marketplace. The initial focus of the company was indeed to facilitate cross-border money transfer (fun fact: the reason has to do with Eversend’s CEO Stone Atwine’s grandma: read more about it here), but they soon added other services to allow customers to be able to save, buy insurance, pay bills and get credit — all easily accessible from their mobile phone.

Today, Eversend’s headquarters are located in Paris but have people operating all over the place. They have expanded into Ghana, Kenya, and are setting up an office in Nigeria. They also have a team in place in Uganda testing products and getting familiarized with regulations. This is where the company started the acquisition of its first users, in 2019 – 2 years later, Eversend has 50,000 registered users, mostly in African countries. However, since Eversend operates in different countries and even continents, compliance was an issue they needed to solve fast in order to scale. They needed an identity provider that would help them get to the next level efficiently.

When speaking to Stone about what made him choose Mati as his identity verification solution this is what he had to say:

When we looked into Mati, we were convinced it was a better fit for us. We loved their focus on emerging markets and their flexibility: you can choose how you want to integrate the product, and their team is always there to help us understand compliance and regulations.

And Stone isn’t the only one who is happy about this partnership, according to our CEO Filip Victor:

At Mati, we are proud to work hand in hand with companies like Eversend, which has the sole purpose of bringing more Africans into the formal financial market. Financial inclusion for everyone is, after all, what we strive for at Mati.

Want to read more about Eversend and how they are using our solution to scale ID verification across the African continent? Read the full case study here!

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