The investment comes courtesy of Elm, a Saudi Arabian investment firm known for supporting burgeoning technology ecosystems around the world.
Youverify aims to leverage this partnership to streamline Anti-Money Laundering (AML) compliance for businesses, bolster global risk assessment capabilities, and most importantly, expand its product offerings and delve into new markets.
Founded in 2018, Youverify caters to both individuals and businesses seeking verification solutions.
Individuals can utilize the platform to confirm their identities, registration status, and ownership details using reliable government data.
Businesses, on the other hand, benefit from Youverify’s extensive reach, with its services spanning over 145 jurisdictions in 48 countries – exceeding their initial target of covering 30 African nations.
Youverify’s impressive growth trajectory is further underlined by the sheer volume it handles – processing over 4 million applications monthly for a clientele exceeding 3,500 companies.
Their verification capacity has also witnessed a significant jump, growing from 400 million individuals to a staggering 5 billion.
This expansion extends to the business realm as well, with Youverify now boasting the ability to verify 600 million businesses across diverse sectors like telecoms, gaming, travel, and healthcare.
Youverify leverages the power of artificial intelligence (AI) and established mathematical models to analyze and assess risks.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Egyptian ad-tech startup dKilo has raised $3.2 million in seed funding to develop new methods for brands to reach consumers and expand into the Saudi Arabian market.
The International Finance Corporation (IFC), the private investment arm of the World Bank, has announced a $100 million investment in Raxio Group to support the development of data centres across Africa.
The African Development Bank (AfDB) has announced plans to contribute $500 million, pending board approval, toward the construction of a new international airport in Ethiopia.
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