Nigerian innovator Youverify, specializing in identity verification and anti-money laundering (AML) solutions, has secured a significant pre-Series A investment round of $2.5 million.
Strategic Partnership with Elm Investment: This funding comes from Elm Investment, a Saudi firm dedicated to fostering emerging technology ecosystems, particularly within the MENA region. The strategic partnership between Youverify and Elm aims to streamline AML compliance, expand global risk intelligence capabilities, and introduce Youverify’s products into new markets.
Company Background and Growth: Founded in 2018 by CEO Gbenga Odegbami, Youverify initially offered API-driven address and identity verification solutions. Since then, the company has expanded its reach to provide real-time business verification across 145 jurisdictions within 48 countries and individual verification services in 46 countries.
Impressive Milestones and Expansion: Youverify has surpassed its goals, extending service coverage to 30 African countries by 2022 and now actively serving commercial customers in 12 countries. The company processes 4 million applications monthly for over 3,500 companies, a substantial increase from its 2022 figures.
Enhanced Verification Capabilities: Youverify’s verification capacity has scaled to encompass 5 billion individuals and 600 million businesses globally, benefiting sectors like telecommunications, gaming, travel, and healthcare. The company has unveiled a state-of-the-art anti-money laundering and risk classification product, leveraging government data for secure verification of personal and business identities.
Differentiated Approach and Competitive Advantage: Youverify’s approach differs from standard Optical Character Recognition (OCR)-based KYC solutions, employing a robust and reliable verification method. By utilizing AI algorithms and established mathematical models, the company provides actionable insights and regulatory reports for multiple jurisdictions, distinguishing itself in a competitive landscape.
With its innovative solutions and strategic partnerships, Youverify continues to make strides in enhancing identity verification and AML compliance, positioning itself as a leader in the field.
Source: Innovation Village