New Investments

Nigerian Fintech Startup Youverify Secures $2.5 Million for Global Expansion

Nigerian identity verification platform Youverify has secured $2.5 million in pre-Series A funding.

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.

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