Nigerian ID Verification Startup Youverify Raises USD 2.5 M Pre-Series A Round

Youverify, a Nigerian provider of identity verification and anti-money laundering (AML) solutions for banks and startups, secured a USD 2.5 M investment from Elm, which specializes in offering ready-made and customized digital solutions to public and private institutions in Saudi Arabia. The pre-Series A investment from Elm also includes a strategic partnership to help Youverify streamline AML compliance for businesses, bolster global risk intelligence, and expand its products into new markets.

Founded in 2018 by Gbenga Odegbami, Youverify facilitates the automation of Know Your Customer (KYC) and other compliance procedures for African banks and startups, combining KYC and compliance products like transaction monitoring to address issues like anti-money laundering (AML) and fraud. Youverify’s approach entails utilizing established mathematical models and AI algorithms to assess and analyze risks. Subsequently, the platform generates regulatory reports for submission to regulators across multiple countries.