To simplify the due diligence process in the international market.
Enabling quick document verification and data sharing without territorial restrictions.
Using blockchain for secure sharing of verified company identity data.
Umazi was founded in 2019 by Cindy van Niekerk as a female-led startup and is currently in the Founders Factory’s accelerator program where it has been collaborating with business enterprises. The company offers an opportunity for businesses to share verified company identity data securely. In February 2022, Umazi secured over €880k from Innovate UK and other angel investors. Furthermore, Umazi is also collaborating with market leaders like Artesian: DueDil and ComplyAdvantage.
- Scope
MVP, UI/UX, Frontend & Backend Development, Infrastruktura chmurowa, QA, Maintenance
- Industry
Regulatory Compliance
- Region / Country:
United Kingdom
Due diligence is a complex investigation, audit or review to check and confirm a company’s condition. Due diligence falls into three main categories: legal due diligence, financial due diligence and commercial due diligence. Manual due diligence is not only expensive but also time– consuming. Moreover, it is believed that 60% of companies view compliance as a barrier to entering new markets. Companies struggle with inflated costs and slow turnaround times to diligence checks. Furthermore, checks need to be refreshed periodically across different scenarios like supply chain, funds, sustainability, and more.
Umazi is a digital platform offering a unique opportunity for businesses to share verified company identity data securely. The platform uses distributed ledger technology, more commonly known as the blockchain. It is a network of regulated entities that verifies a client’s identity. The process is added to an open-space permissioned blockchain platform. The client can quickly do digital documents verification and data without country and territory restrictions. This allows verified identities and credentials to be shared with other organizations diligence process.
First of all, FINGO’s team built the application to MVP version using .NET and React technologies. Now, our developers maintain the platform and there are plans to put Umazi on the bigger market by cooperating with corporations.
Creation of an application from the beginning to MVP version.
The client can reduce time and cost on due diligence investigations.
The client is sure that their sensitive data is safely stored.