Youverify secures $2.5M funding to bolster anti-money laundering regulations in Nigeria

Since 2022, Youverify has expanded its real-time business verification coverage to 145 jurisdictions across 48 countries. Across these countries, Youverify processes 4 million monthly applications for over 3,500 businesses with 800 active clients. Additionally, the platform’s capacity to verify IDs has expanded from 400 million to 5 billion people — as well as 600 million businesses across various industries such as gaming, travel, healthcare, and telecommunications. “Individuals and businesses can verify their identity, registration status and ownership using their government data through Youverify. In addition, we launched our anti-money laundering and risk classification product to address some of these industries,” the CEO noted.

Youverify Expands Global Reach and Enhances AML Solutions with $2.5 Million Investment from Elm

Nigerian Identity Verification Provider Partners with Saudi Arabian Tech Company to Transform Business Compliance and Risk Intelligence

In a groundbreaking move, Youverify, a leading Nigerian identity verification and anti-money laundering (AML) solutions provider for banks and startups, has secured a $2.5 million investment from Elm. As a specialist in offering ready-made and customized digital solutions to public and private institutions in Saudi Arabia, Elm’s investment not only provides a significant financial boost to Youverify, but also includes a strategic partnership to streamline AML compliance and expand into new markets.

Founded in 2018 by Gbenga Odegbami, Youverify has become a key player in the AML and risk intelligence space. Since 2022, the platform has expanded its real-time business verification coverage to an impressive 145 jurisdictions across 48 countries. Additionally, the platform offers coverage for real-time individual verification, including credit history and national identity numbers, in 46 countries. Odegbami shared on a call with TechCrunch that Youverify has surpassed its initial objective of expanding coverage across 30 African countries, set during its seed extension round in 2022.

However, despite its impressive global reach, Youverify currently serves commercial customers in only 12 countries. Across these countries, the platform processes approximately 4 million applications monthly for over 3,500 businesses, with 800 active clients. This marks a significant increase from the 400 businesses and 5 million application processes recorded in 2022. Additionally, the platform’s capacity to verify IDs has expanded from 400 million to 5 billion people, as well as 600 million businesses across various industries including gaming, travel, healthcare, and telecommunications.

Odegbami explains, “Individuals and businesses can now accurately verify their identity, registration status, and ownership using their government data through Youverify. Unlike traditional OCR-based KYC methods, which simply use image recognition to validate the presented ID, our platform utilizes advanced technology to address AML and risk compliance for a range of industries.”

He continues, “For example, our risk classification feature accurately determines the AML and financial risk exposure that clients pose to our customers. We achieve this by utilizing a variety of reliable data sources, including government sanctions and watchlists, global news outlets’ sentiment data, country-risk models, and commercially accessible data, to make informed decisions on AML-related risks.”

Odegbami further elaborates that Youverify’s approach involves utilizing established mathematical models and AI algorithms to assess and analyze risks. As a result, the platform generates regulatory reports for submission to regulatory bodies in multiple countries. Other notable providers in the same space include Smile Identity, Dojah, and Identitypass.

Africa’s surge in financial services has drawn increased attention from regulators, with reports indicating that digital payment transactions totaling $116 billion are expected this year. This trend necessitates stringent measures to combat identity theft and fraud, leading to a growing emphasis on transparency in financial regulations and the adoption of regulatory technologies (regtech) to enhance AML and “Know Your Customer” (KYC) strategies. This demand for regtech solutions is expected to rise globally, including in Africa.

Odegbami highlights the crucial role of collaborating with regulators across various markets, which has honed Youverify’s proficiency in compliance and cultural sensitivity. This valuable expertise enables the company to customize its solutions to meet the diverse enterprise requirements. These experiences underscore the increasing global importance of the governance, risk management, and compliance (GRC) market, which currently surpasses $57 billion annually.

“We are extremely pleased to partner with Youverify, a company that shares our vision for leveraging technology to solve critical challenges faced by businesses today,” stated Fahad bin Issa Ibrahim Al-Shathry, Vice President of Elm Investment. He added, “This collaboration is a testament to our dedication to investing in exceptional founders and supporting the growth of the technology ecosystem not only in the Kingdom of Saudi Arabia but also globally, in order to drive efficiency, security, and trust.”

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Zara Khan

Zara Khan is a seasoned investigative journalist with a focus on social justice issues. She has won numerous awards for her groundbreaking reporting and has a reputation for fearlessly exposing wrongdoing.

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