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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»Youverify secures $2.5 million to strengthen global identity verification

    Youverify secures $2.5 million to strengthen global identity verification

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    By Tapiwa Matthew Mutisi on March 14, 2024 Africa, Funding, Investments, News, Nigeria, Report, Startups, Technology

    Youverify, a Nigerian innovator in the field of identity verification and anti-money laundering (AML) solutions, has made significant strides with a $2.5 million pre-Series A investment round. This funding comes from Elm Investment, a Saudi firm dedicated to supporting the growth of emerging technology ecosystems, particularly those within the MENA region.

    The strategic partnership forged between Youverify and Elm will unlock new possibilities, focusing on streamlining AML compliance, expanding global risk intelligence capabilities, and introducing Youverify’s cutting-edge products into new and diverse markets.

    Founded in 2018 by CEO Gbenga Odegbami, Youverify initially started by providing API-driven address and identity verification solutions to institutions. The company quickly expanded its reach, now offering real-time business verification across an impressive 145 jurisdictions within 48 countries. Additionally, Youverify’s real-time individual verification services, including credit history and national identity number checks, are operational in 46 countries.

    The impressive growth of Youverify is undeniable. The company surpassed its 2022 goal of extending service coverage to 30 African countries and now actively serves commercial customers in 12 countries. This translates to the processing of 4 million applications each month for over 3,500 companies – a phenomenal increase from the 5 million applications handled annually for 400 businesses in 2022.

    Youverify’s capacity for verification has also scaled dramatically, now encompassing 5 billion individuals and 600 million businesses globally, extending far beyond its initial scope of 400 million. This expansion benefits a diverse range of sectors including telecommunications, gaming, travel, and healthcare.

    To further support the sectors it serves, Youverify has unveiled a state-of-the-art anti-money laundering and risk classification product, demonstrating its commitment to combating financial crime. CEO Odegbami underscores that Youverify’s platform leverages official government data to enable secure verification of personal and business identities, registration status, and ownership.

    Notably, the process differentiates itself from standard Optical Character Recognition (OCR)-based KYC solutions, instead utilizing a more robust and reliable verification method.

    Drawing from a wealth of data, including government sanctions and watchlists, sentiment analysis of global news sources, country-risk models, and commercially accessible data, Youverify provides an intelligent, nuanced assessment of AML-related risks.

    This multi-layered approach distinguishes them within a competitive landscape that includes players like Dojah, Identitypass, and Smile Identity. By harnessing the power of AI algorithms and established mathematical models, Youverify delivers actionable insights and generates comprehensive regulatory reports for multiple jurisdictions.

    Nigerian ID Verification company, Youverify, raises $1.5m in investment round led by Orange Digital Ventures

    Related

    Africa AML Business Elm Investment Expansion Funding Identify Verification Investments nigeria Partnerships Series A Funding Startups Technology Youverify
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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