Youverify, a Nigerian provider of identity verification and anti-money laundering (AML) solutions for banks and start-ups, specializes in providing off-the-shelf and customized digital solutions to public and private institutions in Saudi Arabia. Secured a $2.5 million investment from Elm.
Elm's pre-Series A investment also includes a strategic partnership that will help Youverify streamline enterprise AML compliance, enhance global risk intelligence, and expand the product into new markets.
Starting in 2022, Youverify has expanded its real-time business verification reach to 145 jurisdictions in 48 countries. Additionally, the platform covers real-time identity verification, including credit history and national identification numbers, in 46 countries, according to founder and CEO Gbenga Odegbami, who launched the startup in 2018. It is said that there is On a call with TechCrunch, the CEO said of Youverify: This exceeded the initial goal set in the 2022 Seed Expansion Round (expanding the target area to 30 African countries).
Nevertheless, the company currently serves commercial customers in just 12 countries. Across these countries, Youverify processes 4 million applications per month for his more than 3,500 companies with 800 active clients. This represents a significant increase from the 400 companies and his 5 million application processes per year recorded in 2022. Additionally, the platform's identity verification capabilities have expanded from his 400 million to his 5 billion, and to his 600 million companies in various industries such as gaming. , travel, medical, communication.
“Through Youverify, individuals and businesses can use government data to verify identity, registration status, and ownership. No. Additionally, we have launched anti-money laundering and risk classification products to address some of these industries,” the CEO said.
“For example, our risk classification determines the AML and financial risk exposure that our customers pose to our customers. We leverage a variety of trusted data sources, including sanctions and watch lists, global media sentiment data, country risk models, and commercially accessible data.”
He elaborates that Youverify's approach involves leveraging established mathematical models and AI algorithms to assess and analyze risk. The platform then generates regulatory reports for submission to regulatory authorities in multiple countries. Other providers in the same space include Smile Identity, Dojah, and Identitypass.
The proliferation of financial services across Africa has drawn increased attention from regulators. According to the report, a total of $116 billion in transactions will occur through digital payment channels this year, requiring stringent measures to combat identity theft and fraud. Therefore, there is an increasing emphasis on financial regulatory transparency and the introduction of regulatory technology (regtech) to enhance AML and know your customer (KYC) strategies. As demand for regtech solutions increases globally, Africa is expected to follow suit.
Odegbami emphasizes that Youverify's compliance and cultural sensitivity capabilities have been honed by working with regulators in various markets. This expertise allows the company to customize solutions to suit different enterprise requirements. These experiences highlight the growing global importance of the governance, risk management, and compliance (GRC) market, which currently exceeds $57 billion annually.
“We are excited to partner with Youverify, a company that shares our vision of leveraging technology to solve the critical challenges facing businesses today,” said Fahad Bin, Vice President, Elm Investment.・Issa Ibrahim Al Shasri said: “This collaboration builds on our dedication to working with great founders through driving efficiency, security, and trust through investment in emerging technology ecosystems in the Kingdom of Saudi Arabia and around the world. This is proof of our efforts.”