Nigeria’s Youverify raises $2.5m to expand its ID, AML solutions

BREAKING NEWSMarch 14, 2024 at 4:18 PM UTC

TLDR

Youverify secures $2.5 million investment from Elm, a Saudi Arabian digital solutions company, enhancing AML compliance and expanding product offerings.
Strategic partnership established between Youverify and Elm to streamline AML compliance for businesses, improve global risk intelligence, and enter new markets.
Youverify, founded in 2018, offers real-time business verification in 145 jurisdictions and individual verification in 46 countries, including credit history and national identity numbers.

Youverify, a Nigerian provider of identity verification and anti-money laundering (AML) solutions, has secured a significant $2.5 million investment from Elm, a Saudi Arabian company specializing in digital solutions.

This pre-Series A investment also includes a strategic partnership between Youverify and Elm, aimed at streamlining AML compliance for businesses, enhancing global risk intelligence, and expanding product offerings into new markets.

Since its inception in 2018, Youverify has rapidly expanded its coverage, offering real-time business verification across 145 jurisdictions in 48 countries. The platform also provides coverage for individual verification, including credit history and national identity numbers, in 46 countries.

Key Takeaways

Globally, businesses lose up to $1 trillion annually to cybercrime, and in Africa, that figure stands at a whopping $4 billion. As digital services, financial and non-financial, providers penetrate the African market at large, there is a need for fintech startups and digital businesses on the continent to carry out stringent Know-Your-Customer (KYC) and verification checks on their customers. Youverify is one of the many platforms powering these crucial KYC processes for other startups.

Youverify

Elm

Venture Capital

Venture Funding

Nigeria

AML

Identity Verification