Nigerian-based identity verification and anti-money laundering (AML) solutions provider, Youverify, has recently announced a new investment milestone. Elm, a leader in digital solutions based in Saudi Arabia, has committed $2.5 million to support Youverify’s growth initiatives and enhance its AML capabilities.
This strategic partnership not only signifies financial backing but also entails collaborative efforts to streamline AML compliance processes and expand Youverify’s reach into new markets.
Founded in 2018 by Gbenga Odegbami, Youverify has rapidly evolved, boasting real-time business verification coverage spanning 145 jurisdictions across 48 countries. The platform’s individual verification services, which include credit history checks and national identity verification, extend to 46 countries.
Odegbami, the CEO, highlighted that Youverify has significantly surpassed its initial objectives set during its seed extension round in 2022, particularly in expanding coverage across African countries.
Despite its outstanding expansion, Youverify currently serves commercial clients in only 12 countries. However, its impact is substantial, processing over 4 million monthly applications for more than 3,500 businesses, with 800 active clients.
This marks a substantial increase from its 2022 figures. Moreover, Youverify’s capacity to verify identities has grown exponentially, covering 5 billion individuals and 600 million businesses across various sectors, including gaming, travel, healthcare, and telecommunications.
Unlike generic OCR-based KYC solutions, Youverify offers a comprehensive approach to identity verification and AML compliance. By leveraging established mathematical models and AI algorithms, the platform assesses and analyzes risks, generating regulatory reports compliant with multiple jurisdictions.
The CEO emphasized the importance of their risk classification product, which helps clients assess AML and financial risk exposure through reliable data sources, including government sanctions, global news sentiment, and country-risk models.
The partnership with Elm signifies mutual alignment in leveraging technology to address critical business challenges. Elm’s VP of Investment, Fahad bin Issa Ibrahim Al-Shathry, expressed enthusiasm for collaborating with Youverify, highlighting their shared vision for driving efficiency, security, and trust in the global technology ecosystem.
This partnership not only shows the potential of emerging technology markets but also reflects a commitment to advancing governance, risk management, and compliance practices worldwide, which currently constitute a $57 billion industry annually.
Youverify’s collaboration with regulators across various markets has enhanced its compliance capabilities and cultural sensitivity, allowing for tailored solutions to meet diverse enterprise needs.
The financial industry in Africa is rapidly evolving, with digital transactions projected to reach $116 billion this year. Consequently, there’s a heightened focus on combatting identity theft and fraud, driving the demand for robust AML and KYC solutions.
