Local digital identity company FlexID receives funding from the Algorand Foundation

Zimbabwe founded a blockchain startup, FlexID Technologies (Formerly known as FlexFinTx)on a simple property rights agreement (Safe) with the Algorand Foundationto further develop and expand their sovereign self-identity (State Security Investigation) a program. The startup is striving to make its decentralized digital identity network available in emerging markets where more than a billion people are believed to lack an official identity.

Funding comes from the Algorand Foundation under the Impact category, which has identified FlexID as a necessary catalyst for global financial inclusion. Securing the financing deal is a first for the Zimbabwean startup ecosystem. This funding support comes on the heels of the Flex ID Algorand Foundation Development Award given to the team in 2020.

Founded by Victor Mapunga, FlexID was formed due to the founder’s frustration with a banking system that excludes those without identity documents. He was like more than 400 million people in Africa without identity documents (ID), said Mabunga, and failed to open a bank account due to tedious paperwork and identity requirements.

“Identity is the basis of modern commerce. Without an identity card, one cannot participate in the economy even at such basic levels as access to basic telecommunications services, mobile money and banking,”

“Without an ID, access to education and healthcare becomes extremely difficult. On the other hand, nefarious national registries increase the cost of doing business. With FlexID, even the informal sector can transition from an isolated standpoint to a formal economy. Farmers can easily access to credit and input”.

Victor Mabunga, Founder and CEO of FlexID

What happens when someone has access to FlexID? How does this change their lives?

According to FlexID, the startup is essentially building a decentralized marketplace for people. The human is the application programming interface (API) you communicate with, and this form of communication can be commerce, education, or health-related services. FlexID will build a stack of credentials one by one allowing social mobility to happen and all of this will happen on the Algorand Blockchain. The startup’s platform gives access to the African market that was previously unavailable.

Integrating Algorand blockchain technology

FlexID, which became the first Zimbabwean startup to be selected as a Technology Pioneers of the World Economic ForumYou will use the Algorand Blockchain for a decentralized key management system, and to conduct financial transactions later.

“FlexID will issue and verify credentials on the chain, allowing a completely decentralized Layer 2 that puts the user in control. The Algorand blockchain allows FlexID to achieve this feat because only the chain has actually solved the trilemma blockchain challenge and has seen no downtime since its launch keynote in 2019,”

Kudzai Zharare, Director of Technology at FlexID

Algorand solves a triple-blockchain problem:

  1. protection (This is an identity and should be very secure)And the
  2. scalability (FlexID plans to handle billions of transactions per day)And the
  3. decentralization (A platform like this cannot expand when it is centralized.)

The Algorand ecosystem is also arguably the world’s most advanced blockchain ecosystem that is now gaining more recognition. Recently, Algorand was named the official blockchain partner of FIFA, the world’s football governing body.

“There are people who watch football but lack financial services. What Algorand has done will allow even people in the most remote areas to relocate using platforms like FlexID, and we are excited to build into such a vibrant ecosystem.”

Victor Mabunga, founder of FlexID

FlexID will also invest in integrating its platform with the existing one Algorand dApps Including those in DeFi and NFTs to allow flawless movement across the entire ecosystem.

“We are committed to funding those individuals and entrepreneurs who are dedicated to using our blockchain as a tool for financial inclusion, and for profound social and environmental impact. FlexID is an excellent example of passionate problem solvers using this technology to give the world’s most marginalized people access to a full range of financial services. This will help The kind of inclusion in revenue generation and stability for many in the coming years.”

Matt Keeler, Director of Impact and Inclusion, The Algorand Foundation.

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