B2B startup
Nigerian B2B startup, Youverify, raises $2.5 million in pre-Series A to expand infrastructure
A Nigerian B2B identity verification and anti-money laundering (AML) startup, Youverify, has secured $2.5 million in funding in a pre-Series A round.
VP of Elm Investment, Fahad bin Issa Ibrahim Al-Shathry, while confirming the funding expressed optimism on the future of the company.
Elm, a company that specialises in providing ready-made and customised digital solutions to Saudi Arabian public and private entities, was the source of the funding.
Youverify says it uses artificial intelligence (AI) to validate a user’s identity document by comparing it to their facial biometrics.
Cross-referencing this data with over 300 databases both locally and internationally is possible.
Famous Prior Ehichioya, Gbenga Odegbami, and Suru Avoseh co-founded the SaaS company in 2017 with headquarters in Europe, the Middle East, and Africa (EMEA).
The company’s CEO, Gbenga Odegbami, noted that since its launch, the platform’s ability to verify IDs has grown from 400 million to 5 billion users, as well as 600 million enterprises in a variety of sectors, including gambling, travel, healthcare, and telecommunications.
“Individuals and businesses can verify their identity, registration status and ownership using their government data through Youverify.
“This is not the generic OCR-based KYC, which uses image recognition to validate the ID presented to it. In addition, we launched our anti-money laundering and risk classification product to address some of these industries,” the CEO noted.
Fahad said that the partnership will help Youverify’s expansion into new sectors, bolstering global risk intelligence, and simplifying AML compliance for businesses.
“We are excited to partner with Youverify, a company that shares our vision for leveraging technology to solve critical challenges faced by businesses today.
“This collaboration is a testament to our dedication to collaborating with exceptional founders through investing in a budding technology ecosystem not only in the Kingdom of Saudi Arabia but also globally to drive efficiency, security, and trust,” the VP noted.