Youverify, a leading provider of identity verification and anti-money laundering (AML) solutions based in Nigeria, has clinched a significant $2.5 million investment from Elm, a prominent digital solutions provider in Saudi Arabia.
The pre-Series A investment not only injects capital into Youverify but also establishes a strategic partnership aimed at fortifying AML compliance for businesses while expanding global risk intelligence and product offerings into new markets.
Expanding Coverage and Strengthening Solutions
Since its inception in 2018, Youverify, led by founder and CEO Gbenga Odegbami, has rapidly expanded its real-time verification coverage across the globe. The platform now offers business verification in 145 jurisdictions across 48 countries and individual verification, including credit history and national identity numbers, in 46 countries. Notably, this expansion surpasses the initial objective set during its seed extension round in 2022, demonstrating remarkable growth and market penetration.
Read also: Youverify Raises $2.5 Million in Seed Round
Enhanced Capacity and Impact
Despite serving commercial customers in only 12 countries, Youverify processes a staggering 4 million monthly applications for over 3,500 businesses, boasting 800 active clients. This surge in demand represents a significant increase from its 2022 metrics, with the platform’s ID verification capacity now extended to 5 billion individuals and 600 million businesses across diverse industries such as gaming, travel, healthcare, and telecommunications.
Youverify’s innovative approach to identity verification goes beyond generic OCR-based KYC methods. The platform leverages government data to enable individuals and businesses to verify their identity, registration status, and ownership securely. Additionally, Youverify recently introduced an anti-money laundering and risk classification product, utilising reliable data sources and AI algorithms to assess AML-related risks comprehensively.
Navigating Regulatory Challenges
The surge in financial services across Africa has underscored the importance of stringent AML and KYC measures. Youverify’s collaboration with regulators across multiple markets has honed its proficiency in compliance, enabling tailored solutions to meet diverse enterprise needs. With transactions totalling $116 billion expected through digital payment channels in Africa this year, the demand for robust tech solutions is set to rise, positioning Youverify at the forefront of the industry.
Future Outlook and Collaborative Vision
Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment, expressed enthusiasm about the partnership, emphasising the shared vision for leveraging technology to address critical business challenges globally. This collaboration underscores Elm’s dedication to investing in burgeoning technology ecosystems and driving efficiency, security, and trust in the digital landscape.