Youverify, a Nigerian identity verification, and anti-money laundering (AML) solutions provider, has secured $2.5 million in a pre-Series A funding round. This investment comes from Elm, a Saudi Arabian company specializing in digital solutions for businesses.
Strategic Partnership to Drive Growth:
The funding goes beyond just capital. Youverify and Elm have established a strategic partnership focused on three key areas:
- Simplifying AML Compliance: Youverify will leverage Elm’s expertise to streamline AML compliance processes for businesses.
- Enhanced Global Risk Management: The partnership aims to strengthen Youverify’s global risk intelligence capabilities.
- Market Expansion: The investment will fuel Youverify’s expansion into new markets.
Building on Previous Success:
This pre-Series A round follows Youverify’s successful seed funding efforts. The company previously raised $1.5 million in 2020, followed by a $1 million seed round extension in August 2022. With this new investment, Youverify’s total seed funding reaches $4 million.
Elm’s Commitment to Innovation:
Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment, commented on the partnership: “We are excited to partner with Youverify… This collaboration reflects our dedication to supporting innovative founders and building a strong global technology ecosystem.”
Youverify’s Growing Reach:
Founded in 2018, Youverify has established a robust verification network. Their platform offers:
- Real-time business verification coverage in 145 jurisdictions across 48 countries.
- Real-time individual verification, including credit history and national ID checks, in 46 countries.
Youverify currently serves over 3,500 businesses with 800 active clients across 12 countries. They process a staggering 4 million applications monthly, a significant increase from 2022’s figures.
Beyond Verification:
Youverify goes beyond basic ID verification using Optical Character Recognition (OCR). Their platform utilizes AI and mathematical models to assess risks and generate regulatory reports for compliance across multiple countries.
A Competitive Landscape:
Youverify operates in a competitive space with players like Smile Identity, Dojah, and Identitypass. This new funding will allow Youverify to further refine its solutions and expand its global footprint.
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