Identity

Bank AI

<a href="https://youverify.co/" target="_blank" rel="noreferrer noopener">Youverify</a>, a Lagos and San Francisco–based identity verification company helping African banks and startups automate Know Your Customer (KYC) and other compliance procedures has announced that it has secured a $2.5 million investment pre-Series A investment. 
According to an announcement by the company, the investment from Elm also includes a strategic partnership that will see the investor help Youverify streamline its Anti Money Laundering (AML) compliance checks for businesses, bolster global risk intelligence as well as expand its products into new markets. 
This brings the total funds raised by the identity verification startup to $5 million. Recall that Youverify secured a $1 million seed round extension in 2022 after it had&nbsp;<a href="https://techpoint.africa/2020/03/10/youverify-raises-1-5million" target="_blank" rel="noreferrer noopener">raised a $1.5 million round in 2020</a> bringing its total seed funding raise to a total of $2.5 million. 
Similar: <a href="https://technext24.com/2022/08/02/youverify-extends-seed-fund-to-2-5-million/">Youverify raises $2.5m total seed fund, to expand across Africa</a> 
According to founder and CEO,&nbsp;<a href="https://www.linkedin.com/in/gbengao/" target="_blank" rel="noreferrer noopener">Gbenga Odegbami&nbsp;</a>Youverify has established itself as a key player in fintech and an enabler in the financial industry with an impressive footprint in aggregating data for electronic identity verification (eIDv) in 45 countries and business verification in over 140 jurisdictions securely and reliably. 
According to him, the investment from Elm will enable Youverify to scale its products to additional markets, accelerating the production of its next-generation AML 2.0 products. 
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 <img loading="lazy" decoding="async" width="1024" height="683" src="https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-1024x683.jpeg" alt="Gbenga Odegbami, CEO of Youverify" class="wp-image-52146" srcset="https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-1024x683.jpeg 1024w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-300x200.jpeg 300w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-768x512.jpeg 768w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-640x427.jpeg 640w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-380x253.jpeg 380w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-550x367.jpeg 550w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-800x533.jpeg 800w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-1160x773.jpeg 1160w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-760x507.jpeg 760w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-1100x733.jpeg 1100w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment-600x400.jpeg 600w, https://technext24.com/wp-content/uploads/2020/02/Lagos-Based-Identity-and-Address-Verification-Company-Youverify-Raises-1.5m-Investment.jpeg 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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 Gbenga Odegbami, CEO of Youverify
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“Partnering with Elm is a game-changer for Youverify and our customers. Elm’s strong track record in delivering innovative digital solutions aligns perfectly with our mission to provide the financial industry’s most reliable and efficient global AML solutions,” he said. 
Gbenga, who founded Youverify in 2018 believes that these advancements are designed to help businesses reduce costs, increase operational efficiency, and navigate the complex landscape of global compliance standards with ease. 
“The integration of Elm’s resources and expertise with our AI-driven platforms will enable us to accelerate the development of our AML 2.0 products. These innovative solutions are not just about meeting regulatory requirements; they’re about redefining the standard for efficiency and reliability in the financial sector. Staying ahead of fraud is not just a priority for us”, Famous Ehichioya, CTO and co-founder shares the optimism. 
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 <img loading="lazy" decoding="async" width="800" height="533" src="https://technext24.com/wp-content/uploads/2022/10/TNC2022-Breakout-session-Building-a-career-in-blockchain.jpg" alt="#TNC2022 Breakout session Building a career in blockchain" class="wp-image-159585">
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 Famous Ehichioya, CTO of YouVerify, speaking at the 2022 Technext Coinference event
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The founder also appreciated the support from the Business Development Bank of Canada, whose resources and guidance helped in our growth journey. “Without their backing, our path to success would have been significantly more challenging”, he noted. 
John Lintzeris, the Regional Director, Technology Industry at BDC, commented, “At BDC, we are dedicated to the success of Canadian entrepreneurs. Youverify is a shining example of the innovative companies we are proud to support with financing and tailored advice. It is through partnerships like these that we are making a true difference in Canadian entrepreneurs’ growth plans, and by extension, building a stronger economy.” 
Elm’s investment in Youverify underscores its commitment to fostering digital transformation and security across industries. “We are excited to partner with Youverify, a company that shares our vision for leveraging technology to solve critical challenges faced by businesses today,” said Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment. 
<h5 id="youverifys-new-aml-drive" class="wp-block-heading">Youverify’s new AML drive</h5> 
The collaboration between Youverify and Elm represents a significant step forward in the fight against financial crime and the promotion of secure, efficient business practices worldwide. With this partnership, Youverify can scale its products to additional markets, accelerating the production of its next-generation AML 2.0 products, and enhancing its ability to serve businesses globally. 
In an interview with Techcrunch, Gbenga mentioned that Youverify has launched its<a href="https://doc.youverify.co/aml-services-anti-money-laundering" target="_blank" rel="noreferrer noopener">&nbsp;anti-money laundering</a>&nbsp;and<a href="https://doc.youverify.co/risk-intelligence" target="_blank" rel="noreferrer noopener">&nbsp;risk classification</a>&nbsp;product to address specific industry needs. He also explained that Youverify’s approach entails utilizing established mathematical models and AI algorithms to assess and analyze risks. 
“Our risk classification determines the AML and financial risk exposure that clients pose to our customers. We utilize a variety of reliable data sources, including government sanctions and watchlists, global news outlets’ sentiment data, country-risk models and commercially accessible data, to make informed decisions on AML-related risks”, he shared. 
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. 
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 <img loading="lazy" decoding="async" width="1024" height="576" src="https://technext24.com/wp-content/uploads/2021/07/YouID-app-by-Youverify-2-1024x576.jpg" alt="This brings the total funds raised by the identity verification startup to $5 million." class="wp-image-120809" srcset="https://technext24.com/wp-content/uploads/2021/07/YouID-app-by-Youverify-2-1024x576.jpg 1024w, https://technext24.com/wp-content/uploads/2021/07/YouID-app-by-Youverify-2-300x169.jpg 300w, https://technext24.com/wp-content/uploads/2021/07/YouID-app-by-Youverify-2-768x432.jpg 768w, https://technext24.com/wp-content/uploads/2021/07/YouID-app-by-Youverify-2-640x360.jpg 640w, https://technext24.com/wp-content/uploads/2021/07/YouID-app-by-Youverify-2-360x202.jpg 360w, https://technext24.com/wp-content/uploads/2021/07/YouID-app-by-Youverify-2.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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<h5 id="youverifys-growth-since-seed-raise" class="wp-block-heading">Youverify’s growth since seed raise</h5> 
Following its seed raise, Youverify announced its intention to expand its reach to 30 nations over the next 18 months, with a focus on the francophone, southern, and eastern regions of Africa, where Odegbami claims the company will actively recruit.&nbsp; 
Two years later, 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.

Identity verification startup, Youverify raises $2.5m pre-series A

Technext.ng

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