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Nigerian startup, Youverify raises $2.5 million in pre-Series A



Gbenga Odegbami

Nigerian company providing identity verification and anti-money laundering (AML) solutions for banks and startups, Youverify, has secured $2.5 million in funding in a pre-Series A round.

The investment was secured from Elm, which specializes in offering ready-made and customized digital solutions to public and private institutions in Saudi Arabia.

The pre-Series A investment from Elm also includes a strategic partnership to help Youverify streamline AML compliance for businesses, bolster global risk intelligence, and expand its products into new markets.

In August 2022, Youverify had secured a $1 million seed round extension. This was after raising a $1.5 million round in 2020, bringing its total seed raise to $2.5 million.

Commenting on the investment, VP of Elm Investment, Fahad bin Issa Ibrahim Al-Shathry, said:

Founded in 2018 by Gbenga Odegbami, Youverify has expanded its real-time business verification coverage to 145 jurisdictions across 48 countries. The platform offers coverage for real-time individual verification, including credit history and national identity numbers, in 46 countries, according to founder and CEO, Odegbami.

The company currently serves commercial customers in only 12 countries. Across these countries, Youverify processes 4 million monthly applications for over 3,500 businesses with 800 active clients.

This marks a significant increase from the 400 businesses and 5 million application processes per year 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 such as gaming, travel, healthcare, and telecommunications.

According to the CEO, Youverify’s approach entails utilizing established mathematical models and AI algorithms to assess and analyze risks. Subsequently, the platform generates regulatory reports for submission to regulators across multiple countries. Other providers in the same space include Smile Identity, Dojah, and Identitypass.