Youverify Secures $2.5 Million Investment from Elm for AML Solutions Expansion

Nigerian identity verification and anti-money laundering (AML) solutions provider, Youverify, has recently secured a substantial $2.5 million investment from Elm, a Saudi Arabian firm specializing in digital solutions for both public and private institutions.

This investment, part of Youverify's pre-Series A funding, not only brings crucial financial backing but also establishes a strategic partnership aimed at enhancing AML compliance processes for businesses. Additionally, it seeks to bolster global risk intelligence capabilities and facilitate the expansion of Youverify's product offerings into new markets.

Founded by Gbenga Odegbami in 2018, Youverify has rapidly expanded its reach since 2022, now providing real-time business verification services across 145 jurisdictions spanning 48 countries. Moreover, the platform offers individual verification services covering credit history and national identity numbers in 46 countries.

Despite its growth, Youverify currently operates commercially in just 12 countries, processing a staggering 4 million monthly applications for over 3,500 businesses, boasting 800 active clients. This marks a substantial increase from its operations in 2022 when it served only 400 businesses and processed 5 million applications annually. Furthermore, the platform's ID verification capacity has surged from 400 million to 5 billion individuals, along with 600 million businesses across diverse sectors such as gaming, travel, healthcare, and telecommunications.

Explaining the company's offerings, CEO Gbenga Odegbami highlighted its distinctive approach, stating, "Individuals and businesses can verify their identity, registration status, and ownership using their government data through Youverify." He emphasized that their methods go beyond generic OCR-based KYC, employing advanced risk classification and AML solutions tailored to various industries.

"Our risk classification determines the AML and financial risk exposure that clients pose to our customers," Odegbami explained. "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."

Youverify's methodology revolves around employing established mathematical models and AI algorithms to assess and analyze risks effectively. The platform then generates regulatory reports for submission to regulators across multiple countries.

In the identity verification and AML space, Youverify faces competition from providers like Smile Identity, Dojah, and Identitypass. However, with its recent investment and strategic partnership, Youverify is poised for further expansion and innovation in the realm of digital identity verification and AML compliance solutions.

Source: Tage Kene-Okafor / TechCrunch